Discuss the following case as per IAS 36 guidelines for:

--------------------

1) A company owns a car that was involved in an accident at the year-end. It is barely useable, so the value in use is estimated at OMR 1,000 . However, the car is a classic and there is a demand for the parts. This results in a fair value less costs to sell of OMR 3,000. The opening carrying value was OMR 8,000 and the car was estimated to have a life of eight years from the start of the year