SeanWest

Thanks for providing an additional example.

The 'AND' in the Recoverable Amount definition above threw off initially. I understand now that if either the 'fair value - selling costs' or 'value in use' is greater than the carrying value the asset does NOT need to be impaired - only when both of them are below the carrying value the impairment applies - and as you have correctly stated the larger value of the two is the figure to use for the impairment adjustment.