. On 1 June 20X1, Corona plc acquired a property for $8 million and depreciation of $800,000 is charged on the straight-line basis with no residual value. At the end of the previous financial year of 31 May 20x3, when accumulated depreciation was $1.6 million, a further amount relating to an impairment loss of $550,000 was recognized, which resulted in the property being valued at its estimated value in use. On 1 October 20X3, as a consequence of a proposed move to new premises, the property was classified as held for sale. At the time of classification as held for sale, the fair value less costs to sell was $4.8 million. At the date of the published interim financial statements, 1 December 20X3, the property market had worsened and the fair value less costs to sell was reassessed at $4.03 million and at the year-end on 31 May 20X4 it had improved, so that the fair value less costs to sell was $4.34 million. The property was sold on 5 June 20X4 for $5.1 million.

Required: With reference to the relevant IFRS standard(s), discuss how the above item should be dealt with in the financial statements of Corona plc.