Question: Repeat E16-23 assuming that Regal Inc. reports under IFRS. Data from E16-23 Regal Inc., a U.S. GAAP reporter, holds an equity investment with a carrying

Repeat E16-23 assuming that Regal Inc. reports under IFRS.

Data from E16-23

Regal Inc., a U.S. GAAP reporter, holds an equity investment with a carrying value of $107,250. This investment is not publicly traded and Regal has elected to carry it at adjusted cost. At December 31, 2016, the fair value of the investment is $98,000, which was estimated by using a discounted cash flow valuation. Assume that Regal determines that the investment is impaired. What is the amount of the impairment? Where does Regal report the impairment loss?

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