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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
Continuous or periodic inspection, assessment, measurement and interpretation of the resultant data, to indicate the condition of a specific component so as to determine the need for some preventive or remedial action. IIMM
Condition Monitoring is the continuous or periodic inspection, assessment, measurement and interpretation of the resultant data, to indicate the condition of a specific component so as to determine the need for some preventive or remedial action. LGAM
The continuous or periodic measurement and interpretation of data to indicate the condition of an item to determine the need for maintenance. DERM
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
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
An organisation such as a Local Council that is responsible for the management of infrastructure assets in a defined local area.
A degradation curve is a graph of an asset's condition or remaining service potential plotted over time.
LGAM
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.
The assessed annual cost or benefit relating to the consequence of an event. Risk cost equals the costs relating to the event multiplied by the probability of the event occurring.
IIMM
A system supplying a public need such as transport, communications, or utilities such as electricity and water.
The total future service capacity of an asset. It is normally determined by reference to the operating capacity and economic life of an asset.
IIMM
Service potential is the total future service capacity of an asset. It is normally determined by reference to the operating capacity and economic life of an asset.
LGAM
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