Platon Company prepares its financial statements according to IFRS. As of the recent financial year-end, the company observed the indications and decided to make an impairment test for one of the non-current assets. The historical cost of the asset is 145,000 OMR and the accumulated depreciation is 25,000 OMR. According to market search, the fair value of similar assets is 130,000 OMR and the company has to pay a commission of 2,000 OMR. The finance department conducted a valuation and reported that the present value of future cash flows expected from the asset is 105,000 OMR. (There is no any revaluations before)

Which of the following is correct according to the information given in the case?

Select one: a. There is no impairment and no need to make any journal entry. b. There is an impairment of 15,000 OMR and it must be recognized as an expense. c. The company should not have conducted an impairment test. d. There is an impairment of 15,000 OMR and it must be recognized under shareholders' equity.