Impairment of Intercorporate Investments under IFRS

ABC Corporation holds a 30% interest in XYZ Company, a publicly traded firm, and uses the equity method for accounting purposes. In December 2023, the fair value of XYZ's shares has fallen significantly due to a downturn in its industry, and its market capitalization is now below the amount at which ABC acquired its interest. ABC Corporation has determined that the decline in value is considered to be other-than-temporary based on its assessment of the recoverable amount of XYZ Company.

Given this situation, which of the following actions must ABC Corporation take in relation to its investment in XYZ Company according to the International Financial Reporting Standards (IFRS) guidance on impairment?