AASB 136 Impairment of Assets 59-64,Aus61.1: Recognise an impairment loss when recoverable amount is below carrying amount by writing the asset down to recoverable amount, immediately in profit or loss, or as a revaluation decrease where the asset is carried at a revalued amount (against the asset's surplus, or the class surplus for not-for-profit entities); recognise a liability for any excess only if another Standard requires; then re-base future depreciation and deferred tax

What does 59-64,Aus61.1 require?

Only when recoverable amount is less than carrying amount is the asset written down, and the write-down is the impairment loss. It goes straight to profit or loss, unless another Standard has the asset carried at a revalued amount (such as the AASB 116 revaluation model), where it is treated as a revaluation decrease: charged to other comprehensive income up to the revaluation surplus held for that asset, reducing that surplus, with any excess in profit or loss. For not-for-profit entities the surplus available is the one for the class of asset rather than the individual asset. Where the estimated loss exceeds the asset's carrying amount, a liability is recognised only if some other Standard demands it. After the loss, depreciation or amortisation is recalculated to spread the revised carrying amount less residual value systematically over the remaining useful life, and related deferred tax is remeasured under AASB 112 against the revised carrying amount and the tax base.