Notes to CoNsolidated FiNaNCial statemeNts (In thousands of dollars except as noted and per share amounts) 3.  SIGNIFICANT ACCOUNTING POLICIES (CONTINUED): (h)  Impairment (continued): (i)  Non-financial assets (continued): (ii) Financial assets:   The Company’s corporate assets do not generate cash inflows. If there is an indication that a corporate asset may  be impaired, then the recoverable amount is determined for the CGU to which the corporate asset belongs.  The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to  sell. An impairment loss is recognized if the carrying amount of an asset or its CGU exceeds its estimated  recoverable amount. Impairment losses are recognized in profit or loss. Impairment losses recognized in  respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and  then to reduce the carrying amount of the other assets in the CGU on a pro rata basis.  An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses  recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased  or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to  determine the recoverable amount.An impairment loss is reversed only to the extent that the asset’s carrying  amount does not exceed the carrying amount that would have been determined, net of depreciation or  amortization, if no impairment loss had been recognized.  A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine  whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence  indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a  negative effect on the estimated future cash flows of that asset that can be estimated reliably.  The Company considers evidence of impairment for trade and other receivables at both a specific asset  and at the collective level. All individually significant trade and other receivables are assessed for specific  impairment. All individually significant trade and other receivables found not to be specifically impaired are  then collectively assessed for any impairment that has been incurred but not yet identified.Trade and other  receivables that are not individually significant are collectively assessed for impairment by grouping together  trade and other receivables. In assessing collective impairment the Company uses historical trends of the probability of default, the  timing of recoveries and the amount of loss incurred, adjusted for management’s judgement as to whether  current economic and credit conditions are such that the actual losses are likely to be greater or less than  suggested by historical trends.   An impairment loss in respect of a financial asset measured at amortized cost is calculated as the difference  between its carrying amount and the present value of the estimated future cash flows discounted at the  asset’s original effective interest rate. Losses are recognized in profit or loss and reflected in an allowance  account against trade and other receivables.When a subsequent event causes the amount of impairment loss  to decrease, the decrease in impairment loss is reversed through profit or loss. Rogers Sugar Inc. 48