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Assessed asset value which may depend on the purpose for which the valuation is required, i.e. replacement value for determining maintenance levels, market value for lifecycle costing and optimised deprival value for tariff setting.
IIMM
A valuation is the determination of the economic value of an asset.
LGAM
The optimised replacement cost after deducting an allowance for wear or consumption to reflect the remaining or economic service life of the asset.
DISCOUNTING A technique for converting cash flows that occur over time to equivalent amounts at a common point in time. DISCOUNT RATE A rate used to relate present and future money values, e.g. to convert the value of all future dollars to the value of dollars at a common point in time, usually the present.
IIMM
Valuation method which uses the prices achieved in sales of comparable assets to determine the value of the asset.
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
Regular revaluation is often mandated for infrastructure intensive organisations and is also a requirement with the adoption of the 'revaluation model' option under AASB 116 Property, Plant and Equipment. The revaluation model requires an item of property, plant and equipment whose fair value can be measured reliably, to be carried at a revalued amount, being its fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are to be made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the reporting date. When an item of property, plant and equipment is revalued, the entire class of property, plant and equipment to which that asset belongs is to be revalued.
AIFMG 2009
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 remedial actions performed as a result of failure, to restore an item to a specified condition. Corrective maintenance mayor may not be programmed. IIMM
Corrective maintenance is maintenance carried out after a failure has occurred, and intended to restore an item to a state in which it can perform its required function. (This may include breakdown maintenance or reactive maintenance) LGAM
The maintenance carried out after a failure has occurred, and intended to restore an item to a state in which it can perform its required function. (This may include breakdown or reactive maintenance.) 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