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    ASTM E2131 - 09

    Standard Practice For Addressing and Reporting Loss, Damage, or Destruction of Tangible Property

    Active Standard ASTM E2131 | Developed by Subcommittee: E53.04

    Book of Standards Volume: 04.12

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    Significance and Use

    LDD is an indicator of the effectiveness of operations. Excessive LDD can indicate poor internal management and controls, policy or procedural weaknesses, or lack of compliance, any one of which can impact entity profitability, mission performance, or reputation.

    Addressing and reporting LDD provides a guideline for action for decision makers.

    Though the term equipment is used consistently throughout this practice, this process may be used for the other classes of property, for example, material.

    1. Scope

    1.1 This practice focuses on addressing and reporting loss, damage, or destruction (LDD) of tangible property.

    1.2 LDD events are key aspects of risk management. Projecting the possibility or probability of LDD, discovering, disclosing, reporting, managing, and minimizing LDD is a critical and economic factor in the success of the owning or holding entity. This practice also establishes acceptable levels of LDD.

    1.3 LDD events are often discovered as a result of a physical inventory or other audit. An actual LDD event can occur at any time during the property life cycle.

    1.4 LDD events resulting from natural disasters or other incidents beyond the control of an entity are not subject to the criteria in 1.7. Reporting LDD events is required.

    1.5 Natural degradation or normal wear and tear are not considered LDD events and are not addressed in this practice (they may, however, be considered in establishing residual value).

    1.6 Loss, damage, and destruction, while three completely different events, are addressed as one for the purposes of this practice.

    1.7 This practice does not address situations where LDD is an expected outcome, for example, destructive testing.

    1.8 Assessing pecuniary liability for loss, damage, or destruction is not addressed in this practice; such assessments are subject to law.

    1.9 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.

    ASTM Standards

    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 Code

    ICS Number Code 91.120.01 (Protection of and in buildings in general)

    UNSPSC Code

    UNSPSC Code 80131801(Property management)

    Referencing This Standard

    DOI: 10.1520/E2131-09

    ASTM International is a member of CrossRef.

    Citation Format

    ASTM E2131-09, Standard Practice For Addressing and Reporting Loss, Damage, or Destruction of Tangible Property, ASTM International, West Conshohocken, PA, 2009,

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