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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
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
The wearing out, consumption or other loss of value of an asset whether arising from use, passing of time or obsolescence through technological and market changes. It is accounted for by the allocation of the cost (or revalued amount) of the asset less its residual value over its useful life. IIMM
Depreciation is the reduction in the value of an asset due to usage, passage of time, environmental factors, wear and tear, obsolescence, depletion or inadequacy. LGAM
The consumption of infrastructure and other assets is reported in financial statements as depreciation. Depreciation is the systematic allocation of the depreciable amount of an asset over its useful life. The depreciation method used is to reflect the pattern in which the asset's future economic benefits are to be consumed by the entity. There are at least 4 measures of asset consumption, each of which can be related to a method of depreciation:
- when consumption is constant over the useful life of the asset - straight line method,
- when consumption is greater in the early years and less in the later years - declining balance method,
- when consumption increases as the asset approaches the end of its useful life - output/service basis method,
- when consumption varies with outputs/service - units of production method.
AIFMG 2009
The value of an asset to the present owner if the owner were deprived of the asset and was required to continue to deliver the same level of service. Assets are valued at an amount that represents the entire loss that might be expected to be incurred if the entity were deprived of the service potential or future economic benefits of particular assets at the reporting date. This is a valuation basis that reflects a non-market concept of the value in use of assets as part of a going concern. IIMM
The "Deprival Value" of an asset is the value of the present owner if the owner were deprived of the asset and was required to continue to deliver the same level of service. Assets are valued at an amount that represents the entire loss that might be expected to be incurred if the entity were deprived of the service potential or future economic benefits of particular assets at the reporting date. This is a valuation basis that reflects a non-market concept of the value in use of assets as part of a going concern. LGAM
The value of an asset to the present owner. if the owner were deprived of the asset. Assets are valued at an amount that represents the entire loss that might be expected to be incurred if the entity were deprived of the service potential or future economic benefits of particular assets at the reporting date. If an entity no longer requires, or no longer intends, to provide a service, the nature of the asset changes and the measurement of the asset's deprival value may change. But the concept of deprival value remains applicable to the asset. This is a valuation basis that includes the non-market concept of the value in use of assets as part of a going concern. AIFMG 2009
An organisation such as a Local Council that is responsible for the management of infrastructure assets in a defined local area.
A characteristic of design and installation usually identified by the time and effort that will be required to retain an asset as near as practicable to its new or desired condition within a given period of time.
AIFMG 2009
Planned maintenance activities fall into three categories: i) Periodic - necessary to ensure the reliability or to sustain the design life of an asset. ii) Predictive - condition monitoring activities used to predict failure. iii) Preventive - maintenance that can be initiated without routine or continuous checking (e.g. using information contained in maintenance manuals or manufacturers' recommendations) and is not condition-based.
IIMM
Planned maintenance is maintenance organised and carried out with forethought, controland the use of records to a predetermined plan.
LGAM
The maintenance organised and carried out with forethought, control and the use of records to a predetermined plan.
DERM
Repair work that is identified and managed through a maintenance management system (MMS). MMS activities include inspection, assessing the condition against failure breakdown criteria/experience, prioritising scheduling, actioning the work and reporting what was done 10 develop a maintenance history and improve maintenance and service delivery performance.
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