Endor has lots of coal. You purchase the rights to mine the Far-Moon-of-Endor from the Endorian government for $100,000,000. At the time you expected to generate $30,000,000 from mining the coal each year for 20 years on earth, thus making it a great investment. Unfortunately, the next year, Earth passes new strict pollution laws which greatly reduce the demand you're your coal. You correctly determine your mining rights asset is impaired and write it down to $12,000,000. In the third year, ACME Company has developed an new way of burning coal which produces NO pollution! Earthlings want your coal again and you expect to generate $30,000,000 per year for the remaining years. The Present value of which is $500,000,000. Under GAAP, what do you do in year 3? Under IFRS, what do you do in year 3? Which approach is better? Defend your answer.