Which of the following statements about IAS 36 Impairment of Assets is INCORRECT?

1. Recoverable amount is the higher of: - value in use- fair value less costs to sell
2. Impairment occurs when the carrying amount of an asset is less than its recoverable amount
3. Under certain circumstances, it is possible to revererse an impairment loss.
4. At each reporting date, an entity must assess whether or not there are any indications of impairment