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FEI Research Foundation Products:

• Reengineering Revisited, June 1999
• Closing Plants, January 1986

The Research Foundation has compiled information on temporary shut down of manufacturing facilities. Statement of Financial Accounting Standards No. 144 Accounting for the Impairment or Disposal of Long-Lived Assets provides some guidance, specifically, sections 7 through 26 on Long-Lived Assets to be Held and Used.

Section 7 states that impairment loss should be considered, but "recognized only if the carrying amount of a long-lived asset is not recoverable and exceeds its fair value." Section 8 states that long-lived assets shall be tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable and provides the following examples:

1. A significant adverse change in the extent or manner in which a long-lived asset is being used or in its physical condition
2. A current-period operating or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset

Section 9 also refers to a review of "depreciation estimates and method as required by APB Opinion No. 20 Accounting Changes." It also states that "Any revision to the remaining useful life of a long-lived asset resulting from that review also shall be considered in developing estimates of future cash flows used to test the asset for recoverability. However, any change in the accounting method for the asset resulting from that review shall be made only after applying this Statement."