Question · Disclosures for each impairment loss or reversal

In 20X3, Quessant reversed a material impairment loss of 120,000 on a vessel in its Freight segment, after a lasting recovery in freight rates. The vessel's recoverable amount is its value in use, calculated with a discount rate of 7% (8% in the previous estimate). The finance director argues that a reversal is good news that calls for no detailed disclosure and, failing that, that giving the current rate is enough. Write a judgement memo for the audit committee.