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 66,000 Undiscounted expected future cashflows 64,000 Present value of future cash flows 55,800 Fair value of asset 57,600 Costs to sell 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%)