IAS 36 Impairment of assets was issued in June 1998 and subsequently amended in March 2004. Its main objective is to prescribe the procedures that should ensure that an entity's assets are included in its statement of financial position at no more than their recoverable amounts. Where an asset is carried at an amount in excess of its recoverable amount, it is said to be impaired and IAS 36 requires an impairment loss to be recognised.
Required
Define an impairment loss explaining the relevance of fair value less costs to sell and value in use; and state 4 indicators of impairment.