Question: PLEASE SOLVE THE FOLLOWING BASED ON IAS 36 An entity owns a property which was originally purchased for OMR 300,000. The property has been revalued

PLEASE SOLVE THE FOLLOWING BASED ON IAS 36 An entity owns a property which was originally purchased for OMR 300,000. The property has been revalued to OMR 500,000 with the revaluation of OMR 200,000 being recognized as other comprehensive income and recorded as revaluation reserve. The property has a current carrying value of OMR 460,000 but the recoverable amount of the property has just been estimated at only OMR 200,000. What is the amount of impairment and how should this be treated in the financial statements?

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