When assessing whether a non-current asset has been impaired, it is necessary to compare the carrying amount (net book value) of the asset at the end of the financial period with the assets recoverable amount. How is the recoverable amount defined?

Select one:

a.

The greater of (i) Value in use and (ii) Fair value less costs of disposal

b.

The lower of (i) Value in use and (ii) Fair value less costs of disposal

c.

The lower of (i) Replacement cost and (ii) the greater of (iia) Value in use and (iib) Fair value less costs of disposal

d.

The lower of (i) Value in use and (ii) Replacement cost