Assessment of Impairment of Investments

When assessing impairment of investments in accordance with IFRS, entities must determine whether there is an indication that an investment may be impaired. Consider the following scenario:

A company holds an equity investment in another entity that was acquired for $1,000,000. Due to adverse market conditions, the investment's fair value is currently only $700,000. The company has not sold the investment and continues to hold it. What should the company evaluate to determine whether the investment is impaired?