APT, Inc., a wholly owned subsidiary of a Canadian publicly owned company that reports using International Financial Reporting Standards (IFRS), owns a student rental complex on land leased from a U.S. university. APT, Inc.'s Director of Accounting must determine whether the apartment complex is impaired and determine the fair value of the property for financial statement disclosure purposes. As such, both he and the students assigned the case must rely on the guidance included in International Accounting Standards (IAS) 36, 40, and IFRS 13. Unlike most impairment examples included in textbooks, students are not provided with either fair value or value in use information. Rather, they must estimate the higher of the fair value less costs of disposal or value in use based upon information provided in the case. Thus, students are required to apply higher-order learning skills as they grapple with numerous decisions (e.g., discount rates, cash flow projections, relevant comparable properties and their recent selling prices). Master of Accountancy and M.B.A. students who used the case report it improves their understanding of impairment and fair value techniques. Overall, students reported they found the case a valuable learning experience, and that the case increased the extent they thought about the complexities of impairment and fair value issues.