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Significance and Use
5.1 Losses of property are indicators of the effectiveness of operations. Excessive losses can indicate poor internal management and controls, policy or procedural weaknesses, or lack of compliance, any one of which can have a negative impact on profitability, mission, performance, or reputation.
5.2 Addressing and reporting losses provides indicators of needed potential action by decision makers.
5.3 Though the term equipment is used consistently throughout this practice, this process may be used for the other classes of property, for example, raw material in inventory.
5.4 This practice does not change any requirements that may be imposed through law, regulations, contract terms, and conditions.
Note 1: When this practice is submitted in response to a contract solicitation and evaluated as part of a contract award process, this practice may be deemed a representation.
1.1 This practice focuses on addressing and reporting losses of tangible property.
1.2 Loss occurrences are key aspects of risk management. Projecting the possibility or probability of losses, discovering, disclosing, reporting, managing, and minimizing losses to a reasonable extent is a critical economic factor in the success of the owning or holding entity. This practice also establishes acceptable levels of losses.
1.3 Losses are often discovered as a result of an occurrence, a physical inventory, property custodian or entity self-assessment, or external audit. An actual loss occurrence can be at any time during the property life cycle.
1.4 Assessing and determining financial liability for losses is not addressed in this practice; such assessments are generally subject to individual contracts or other arrangements.
1.5 This standard does not purport to address all of the safety concerns, if any, associated with its use. It is the responsibility of the user of this standard to establish appropriate safety and health practices and determine the applicability of regulatory limitations prior to use.
2. Referenced Documents (purchase separately) The documents listed below are referenced within the subject standard but are not provided as part of the standard.
E2132 Practice for Inventory Verification: Electronic and Physical Inventory of Assets
E2135 Terminology for Property and Asset Management
E2279 Practice for Establishing the Guiding Principles of Property Management
E2378 Practice for the Recognition of Impaired or Retired Personal Property
E2608 Practice for Equipment Control Matrix (ECM)
ICS Number Code 91.120.01 (Protection of and in buildings in general)
UNSPSC Code 80131801(Property management)
ASTM E2131-16, Standard Practice for Addressing and Reporting Losses of Tangible Property, ASTM International, West Conshohocken, PA, 2016, www.astm.orgBack to Top