You can browse all the published concept maps without signing in. If you'd like to create your own concept maps, all you have to do is sign in with Twitter. It's free!
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 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 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
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.
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
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.
For public sector (not-for-profit) organisations, service planning is the process of determining the services needed by a community (the organisations' customers). Service planning may include strategic planning for a community covering a period of 20 - 50 years, determining the services required to achieve the strategic community outcomes, engaging with the community to determine the optimum levels of service to suit available resources, determining how the services are to be provided and what measures are to be used to measure progress on achieving community outcomes. Service planning can assist organisations in many ways by answering the following questions:
- where are we now?
- where do we want to go?
- how do we get there?
- how do we know we are there?
Service plans are an essential tool in rational and co-ordinated decision making about levels and type of services where resources, funding, people and assets are used through clear links to long term financial planning. Good service plans:
- provide a route map to outcomes prioritised by the community,
- assist in identifying and managing risks in service delivery, and
- ensure that community and customer needs are met. Service planning is important as its outcomes affect the community' s quality of life.
AIFMG 2009
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.
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
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