Under IFRS, the goodwill impairment test requires an entity to determine the recoverable amount of the cash generating unit (CGU) that is being tested. What does recoverable amount mean?

Present value of the future cash flows of the CGU.

Greater of: 1) FV less costs to sell, or 2) Present value of the projected future cash flows of the CGU.

Fair value of the CGU less costs to sell it.

Lesser of: 1) FV less costs to sell, or 2) Present value of the projected future cash flows of the CGU.