General Electric Company, a diversified conglomerate operating in various industries, embraces the Conservatism Principle in its accounting practices. In 2023, the company identified impairment indicators related to its Power segment's long-lived assets, primarily due to a decline in demand for traditional power generation equipment. The estimated fair value of the impaired assets is $700 million, while their carrying amount on the balance sheet is $900 million. Evaluate how General Electric should account for this impairment loss under the Conservatism Principle. Discuss the impact on the company's financial statements and the disclosures required in the footnotes to ensure transparency and compliance with accounting standards.