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An asset class is a grouping of assets of a similar nature and use. LGAM
The frequency with which planned asset inspections are performed.
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
A plan developed for the management of one or more infrastructure assets that combines multi-disciplinary management techniques (including technical and financial) over the lifecycle of the asset in the most costeffective manner to provide a specified level of service. A significant component of the plan is a long-term cashflow projection for the activities. IIMM
An Asset Management Plan (AMP) is a plan developed for the management of one or more infrastructure asset classes with a view to operating, maintaining and renewing the assets within the class in the most cost effective manner possible, whilst providing a specific level of service." LGAM
Long-term financial plans take the funding projections for delivery of services from infrastructure, developed in asset management plans into a corporate financial plan covering all activities and services of the organisation. Long-term financial plans typically cover a period of 10 years. Accuracy and reliability of financial projections vary over the planning period ranging from good accuracy in the early years (1-3 years) to a lesser accuracy in the later years of the period. These relative accuracies are taken into account in annual updating and review of long-term financial plans. Based on the results of Australian local government financial sustainability reports, initial versions of the long-term financial plan may indicate that existing income levels will be insufficient in future to sustain existing service levels from infrastructure.
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.
AIFMG 2009