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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
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
Cost is the amount of cash or cash equivalents paid or the fair value of the other consideration given to acquire an asset at the time of its acquisition or construction or, where applicable, the amount attributed to that asset when initially recognised in accordance with the specific requirements of other Australian Accounting Standards. LGAM
Cost (current) - An asset’s cost measured by reference to the lowest cost at which the gross service potential of the asset could currently be obtained in the normal course of events. (Synonymous with ‘gross current cost’.) Cost (replacement) - The cost of restoring an existing asset’s gross service potential on deprival, whether by reproduction of the existing asset or replacement with a reference asset. Cost (reproduction) - The cost of restoring an existing asset’s gross service potential on deprival by reproducing the existing asset. Cost (written down current) - An asset’s current cost less, where applicable, accumulated depreciation calculated on the basis of such cost to reflect the already consumed or expired service potential of the asset DERM
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
"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
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.
IIMM
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.
DERM
An organisation such as a Local Council that is responsible for the management of infrastructure assets in a defined local area.
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.
A plan containing the long-term goals and strategies of an organisation. Strategic plans have a strong external focus, cover major portions of the organisation and identify major targets, actions and resource allocations relating to the long-term survival, value and growth of the organisation. IIMM
The Financial Management Standard 1997 requires asset strategic planning to be undertaken by agencies as part of their strategic and operational planning processes. The asset strategic plan links with other strategic plans of the agency including finance, human resources and information systems as enabling strategies for the delivery of the agency's core services. A Strategic Asset Management Plan (SAMP) is a plan that documents service standards (set by the service provider) as well as an operations, maintenance and renewals strategy for achieving these standards. 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