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Collison and Ryder Company (C&R) has been experiencing declining market conditions for its sportswear division. Management decided to test the assets of the division for possible impairment. The test revealed the following: book value of division's assets, $26.5 million; fair value of division's assets, $21 million; sum of estimated future cash flows generated from the division's assets, $28 million. What amount of impairment loss should C&R recognize?

Assume that the present value of the estimated future cash flows generated from the division's assets is $22 million and that their air value approximates fair value less costs to sell. What amount of impairment loss should C&R recognize if the company prepares its financial statements according to IFRS?

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