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A physical component of a facility which has value,enables services to be provided and has an economic life of greater than 12 months. Dynamic assets have some moving parts, while passive assets have none. IIMM
An asset is an object (physical or intangible) that has an identifiable value and a useful life greater than 12 months, that is or could be used by the entity responsible for it to provide a service. LGAM
Asset - An item with an independent physical and functional identity and age, within a facility (e.g. pump, motor, sedimentation tank, main). Asset - Service potential or future economic benefits controlled by entity as a result of past transactions or other past events. DERM
Accumulated depreciation is the total amount of depreciation charged to an asset from when it was first recognised to a given point in time. LGAM
Method by which an asset is acquired. Examples include purchase, lease, build.
Generally applies to above-ground assets (e.g. reservoir, pump station). DERM
An activity is the work undertaken on an asset or group of assets to achieve a desired outcome. IIMM
An asset class is a grouping of assets of a similar nature and use. LGAM
A framework for segmenting an asset base into appropriate classifications. The asset hierarchy can be based on asset function; asset type or a combination of the two. IIMM
An asset hierarchy is a framework for segmenting an asset base into appropriate classifications. The asset hierarchy can be based on asset function; asset type or a combination of the two. LGAM
An Asset Condition Inspection is an inspection carried out on an asset to determine its condition.
Types of inspections:
There are two main types of asset condition inspections.
- Defect / hazard inspections designed to determine the need for maintenance and/or temporary works.
- More detailed overall asset condition inspections designed to assess the overall condition of an asset and determine its remaining useful life.
Defect / hazard inspections are typically carried out on a more frequent basis than overall asset condition inspections, but in both cases the inspection frequency may depend on the classification of the asset within a hierarchy. LGAM
The entity which is responsible for managing the asset. May not be the same entity as the owner or the operator of the asset.
The owner of an asset is the person or entity that has exclusive rights and control over that asset, whether it be an object, land/real estate or intellectual property. LGAM
A record of asset information considered worthy of separate identification including inventory, historical, financial, condition, construction, technical and financial information about each. IIMM
An asset register is a database containing specific information about the assets owned or controlled by an organisation. LGAM
Specific parts of an asset having independent physical or functional identity and having specific attributes such as different life expectancy, maintenance regimes, risk or criticality. IIMM
An item with an independent physical and functional identity within an asset (e.g. impeller, hydrant). DERM
Asset condition is a measure of the health of an asset. LGAM
Continuous or periodic inspection, assessment, measurement and interpretation of the resultant data, to indicate the condition of a specific component so as to determine the need for some preventive or remedial action. IIMM
Condition Monitoring is the continuous or periodic inspection, assessment, measurement and interpretation of the resultant data, to indicate the condition of a specific component so as to determine the need for some preventive or remedial action. LGAM
The continuous or periodic measurement and interpretation of data to indicate the condition of an item to determine the need for maintenance. DERM
The remedial actions performed as a result of failure, to restore an item to a specified condition. Corrective maintenance mayor may not be programmed. IIMM
Corrective maintenance is maintenance carried out after a failure has occurred, and intended to restore an item to a state in which it can perform its required function. (This may include breakdown maintenance or reactive maintenance) LGAM
The maintenance carried out after a failure has occurred, and intended to restore an item to a state in which it can perform its required function. (This may include breakdown or reactive maintenance.) DERM
CRITICAL ASSETS Assets for which the the financial, business or service level consequences of failure are sufficiently severe to justify proactive inspection and rehabilitation. Critical assets have a lower threshold for action than noncritical assets. IIMM
Critical Assets - Critical assets are assets for which the financial, business or service level consequences of failure are sufficiently severe to justify proactive inspection and rehabilitation. Critical assets have a lower threshold for action than non-critical assets.
Criticality - Criticality is the quality, state, or degree of being of the highest importance. LGAM
Those assets which are expected to be realised in cash or sold or consumed within one year of an organisation's balance date. IIMM
A "current asset" is an asset which is expected to be consumed within one financial year. LGAM
The defined service quality for a particular activity (i.e. roading) or service area (i.e. streetlighting) against which service performance may be measured. Service levels usually relate to quality, quantity, reliability, responsiveness, environmental acceptability and cost. IIMM
DECOMMISSION Activities required to take an asset out of service.
A projection of future demand for the use of an asset. Demand forecasts are usually wrong to a greater or lesser extent.
The wearing out, consumption or other loss of value of an asset whether arising from use, passing of time or obsolescence through technological and market changes. It is accounted for by the allocation of the cost (or revalued amount) of the asset less its residual value over its useful life. IIMM
Depreciation is the reduction in the value of an asset due to usage, passage of time, environmental factors, wear and tear, obsolescence, depletion or inadequacy. LGAM
The consumption of infrastructure and other assets is reported in financial statements as depreciation. Depreciation is the systematic allocation of the depreciable amount of an asset over its useful life. The depreciation method used is to reflect the pattern in which the asset's future economic benefits are to be consumed by the entity. There are at least 4 measures of asset consumption, each of which can be related to a method of depreciation:
- when consumption is constant over the useful life of the asset - straight line method,
- when consumption is greater in the early years and less in the later years - declining balance method,
- when consumption increases as the asset approaches the end of its useful life - output/service basis method,
- when consumption varies with outputs/service - units of production method.
The period from the acquisition of the asset to the time when the asset, while physically able to provide a service, ceases to be the lowest cost alternative to satisfy a particular level of service. The economic life is at the maximum when equal to the physical life, however obsolescence will often ensure that the economic life is less than the physical life. IIMM
The Economic Life of an asset is the length of time for which maintaining and operating the asset remains the lowest cost alternative for providing a nominated level of service. LGAM
The period over which an asset is expected to be economically useable by one or more users or the number of production or similar units expected to be obtained from the asset by one or more users. AIFMG 2009
A complex comprising many assets (e.g. a hospital, water treatment plant, recreation complex, etc.) which represents a single management unit for financial, operational, maintenance or other purposes.
A facility is a group of assets located within a designated area that are associated in some way.
Facility - A group of assets that provides a function or service (e.g. pump station, reservoir, treatment plant, reticulation system). Facility - A complex of assets (e.g. a hospital, water treatment plant, sporting complex) that represents a single management unit for financial, operational, maintenance or other purposes.
An asset's failure mode describes the way in which a failure occurs.
Identity refers to the ability to uniquely identify an individual asset.
"An asset is said to be impaired when its carrying amount exceeds its recoverable amount. Entities are required to make an assessment at the reporting date each year, if there are any indicators that an asset may be impaired. If so, the entity is to estimate the recoverable amount and recognise any impairment loss." - AIFMG 2009
Increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity. other than those relating to contributions from equity participants (contributed capital). The definition of income encompasses both revenue and gains. Revenue arises in the course of the ordinary activities of an entity and is referred to by a variety of different names including sales, fees, interest, dividends, royalties and rent. Gains represent other items that meet the definition of income and may, or may not, arise in the course of the ordinary activities of the entity. Gains represent increases in economic benefit and include, for example, those arising on the disposal of non-current assets. • Capital income includes gain on disposal of non-financial assets, grants and contributions received specifically for new or upgraded assets and physical resources received free of charge, e.g. from a developer. • Operating Income is income shown in the Statement of Comprehensive Income other than capital income.
Stationary systems forming a network and serving whole communities, where the system as a whole is intended to be maintained indefinitely at a particular level of service potential by the continuing replacement and refurbishment of its components. The network may include normally recognised ordinary assets as components.
Infrastructure is any long-life physical asset that consists of an entire system or network (including components), not otherwise defined, which provides the foundation to support public services and enhance the capacity of the economy.
Physical assets that contribute to meeting the needs of organisations or the need for access to major economic and social facilities and services, eg. roads, drainage, footpaths and cycleways. These are typically large. interconnected networks or portfolios of composite assets. The components of these assets may be separately maintained, renewed or replaced individually so that the required level and standard of service from the network of assets is continuously sustained. Generally the components and hence the assets have long lives. They are fixed in place and arc often have no separate market value.
Assets held for sale in the ordinary course of business, in the process of production for such sale, or in the form of materials or supplies to be consumed in the production process or in the rendering of services.
The cycle of activities that an asset (or facility) goes through while it retains an identity as a particular asset i.e. from planning and design to decommissioning or disposal.
Life cycle has two meanings: 1. The cycle of activities that an asset (or aggregation of assets) goes through while it retains an identity as that asset. These activities include planning, design, acquisition and support, including rehabilitation and disposal. 2. The period of time between a selected date and the cut-off year or last year, over which the criteria (e.g. costs) relating to a decision or alternative under study will be assessed.
The total cost of an asset throughout its life including planning, design, construction, acquisition, operation, maintenance, rehabilitation and disposal costs.
The term Lifecycle Cost refers to the total cost of ownership over the life of an asset including; planning, design, construction/acquisition, operation, maintenance, renewal, finance and disposal costs.
The total cost of an asset throughout its life including planning, design, acquisition, operations, rehabilitation and disposal costs.
Any technique which allows assessment of a given solution, or choice from among alternative solutions, on the basis of all relevant economic consequences over the service life of the asset.
Lifecycle Cost Analysis is a method of assessing which asset option, will be the most economical over an extended period of time.
A characteristic of design and installation usually identified by the time and effort that will be required to retain an asset as near as practicable to its new or desired condition within a given period of time.
A network asset is an asset that is considered to be part of a network. Network assets are interconnected assets that rely on each other to provide a service. If a network asset is removed the system may not function to full capacity.
Individual asset which, together with others, performs a service.
All assets other than current assets, including assets held but not traded by a business in order to carry out its activities. Such assets are intended for use, not exchange, and normally include physical resources such as land, buildings, drains, parks, water supply and sewerage systems, furniture and fittings.
An asset of a business which is expected to be consumed over more than one financial year.
The life until the asset ceases to provide the required level of service because of physical deterioration of the asset.
Planned maintenance activities fall into three categories: i) Periodic - necessary to ensure the reliability or to sustain the design life of an asset. ii) Predictive - condition monitoring activities used to predict failure. iii) Preventive - maintenance that can be initiated without routine or continuous checking (e.g. using information contained in maintenance manuals or manufacturers' recommendations) and is not condition-based.
Planned maintenance is maintenance organised and carried out with forethought, controland the use of records to a predetermined plan.
The maintenance organised and carried out with forethought, control and the use of records to a predetermined plan.
Repair work that is identified and managed through a maintenance management system (MMS). MMS activities include inspection, assessing the condition against failure breakdown criteria/experience, prioritising scheduling, actioning the work and reporting what was done 10 develop a maintenance history and improve maintenance and service delivery performance.
Is the greater of the amount recoverable from an asset's further use and ultimate disposal, and its current net realisable value.
Recoverable Amount is an accounting term referring to the price an asset would it would fetch if sold, or its value to the company when used, whichever is the larger figure.
The ability of an item to perform a required function under stated conditions for a stated period of time.
The Remaining Useful Life (RUL) of an asset is the estimated length of time remaining before it will need to be replaced.The Remaining Useful Life (RUL) of an asset is the estimated length of time remaining before it will need to be replaced.
A risk is the probability of a failure of an asset as a result of the occurrence of a hazard. There may be a resulting cost associated with the risk.
A risk assessment is a process that to used to assess the risks associated with a hazard.
The assessed annual cost or benefit relating to the consequence of an event. Risk cost equals the costs relating to the event multiplied by the probability of the event occurring.
A risk rating is an indication of the relative risk associated with an asset. The rating may be determined using a number of factors such as: * the likelihood of failure * the severity of the consequences of a failure * the financial impact of a failure
Risk ratings may be numeric or labels such as:
Low, Moderate, Significant, High - IIMM
The total future service capacity of an asset. It is normally determined by reference to the operating capacity and economic life of an asset.
Service potential is the total future service capacity of an asset. It is normally determined by reference to the operating capacity and economic life of an asset.
The defined service quality for a particular activity (i.e. roading) or service area (i.e. streetlighting) against which service performance may be measured. Service levels usually relate to quality, quantity, reliability, responsiveness, environmental acceptability and cost.
May be expressed as either: (a) The period over which a depreciable asset is expected to be used, or (b) The number of production or similar units (i.e. intervals, cycles) that is expected to be obtained from the asset.
The "useful life" (UL) of an asset is the estimated length of time during which the asset is able to deliver a given level of service.
Assessed asset value which may depend on the purpose for which the valuation is required, i.e. replacement value for determining maintenance levels, market value for lifecycle costing and optimised deprival value for tariff setting.
A valuation is the determination of the economic value of an asset.