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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
Asset condition is a measure of the health of an asset. LGAM
Describes the rate at which an asset's condition degrades over time.
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 amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length transaction.
IIMM
Fair Value is "the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties, in an arms length transaction." This is equivalent to the market value of the asset where one exists. If there is no market the fair value can be determined on a cost of acquisition basis.
LGAM
Fair Value is the best estimate of the price reasonably obtainable in the market at the date of valuation where a market exists. This is often not the case for existing infrastructure assets, in which case fair value is depreciated replacement cost.
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
An organisation such as a Local Council that is responsible for the management of infrastructure assets in a defined local area.
The net market or recoverable value which would be realised from disposal of an asset or facility at the end of its life.
IIMM
The residual value (salvage value) of an asset is the estimated amount that an entity would currently obtain from disposal of the asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life. - AASB 116.
LGAM
Residual value is the estimated amount that an entity would currently obtain from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already at the end of its useful life. Residual value may be recognised in infrastl1lcture in certain circumstances such as where the asset has a salvage value and/or cost to renew an asset is less that the cost to replace the asset. Residual value may be used to relate the asset's asset management practices and procedures to its accounting treatment.
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
The current value of a non-current asset of a local government is the loss that it would incur if it were deprived of the asset’s utility (or service potential). (Synonymous with ‘deprival value’.)
DERM