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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
The entity which is responsible for managing the asset. May not be the same entity as the owner or the operator of the asset.
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 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.
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
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.
IIMM
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.
LGAM