Issue 2 Solar Plc has identified that one of its assets may be subject to an impairment which has not yet been reflected in its own draft financial statements. The company has collected the following information about this asset: Carrying value Undiscounted expected future cashflows Present value of future cash flows Fair value of asset Costs to sell 66,000 64,000 55,800 57,600 7,000 Required: Calculate what Solar must report under IFRS and how this would differ under US GAAP. You should explain using detailed workings. (5%)