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Method by which an asset is acquired. Examples include purchase, lease, build.
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
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
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
The total cost of an asset throughout its life including planning, design, construction, acquisition, operation, maintenance, rehabilitation and disposal costs.
IIMM
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.
LGAM
The total cost of an asset throughout its life including planning, design, acquisition, operations, rehabilitation and disposal costs.
DERM
An organisation such as a Local Council that is responsible for the management of infrastructure assets in a defined local area.
Regular revaluation is often mandated for infrastructure intensive organisations and is also a requirement with the adoption of the 'revaluation model' option under AASB 116 Property, Plant and Equipment. The revaluation model requires an item of property, plant and equipment whose fair value can be measured reliably, to be carried at a revalued amount, being its fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are to be made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the reporting date. When an item of property, plant and equipment is revalued, the entire class of property, plant and equipment to which that asset belongs is to be revalued.
AIFMG 2009
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 system supplying a public need such as transport, communications, or utilities such as electricity and water.
An organisation responsible for providing a service.
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
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.
IIMM
A valuation is the determination of the economic value of an asset.
LGAM