How is an impairment loss on property, plant and equipment determined and measured under IFRS?

How is an impairment loss on property, plant and equipment determined and measured under IFRS? How does this differ from US GAAP? Please determine the amount at which the inventory should be reported on December 31 Year 1 balance sheet using the following information: Historical cost

$20,000

Replacement cost

$14,000

Estimated selling price

$17,000

Estimated costs to complete and sell

$2,000

Normal profit margin as a percentage of selling price

20%

The entire inventory on hand at December 31, Year 1 was completed in Year 2 at a cost of $1,800 and sold at a price of $17,150.

Determine the impact on income in Year 1 and Year 2 under (1) IFRS and (2) US GAAP.