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Significance and Use
4.1 The intent of these principles is to provide guidance for an effective and efficient system for (1) the acquisition of personal property, (2) the utilization of available personal property, and (3) the disposal of personal property (Public Law 107-217).
4.2 Historically, property management practices have often reflected organizational or management processes that did not reflect “best practices.”
4.3 One of the greatest challenges facing property managers is how to ensure that overly detailed and costly practices used or proposed for the oversight of property assets are not adopted as representing “best practices” or established as an operating policy.
4.4 Property management practices shall seek, when viewed in totality, to be effective and efficient, to the point at which benefits exceed the costs of operation.
4.5 Often the key property management functions are based on compliance with quantitative measures and, therefore, compliance with “process” has become more important than the goals that property management systems should seek to achieve.
1.1 This practice covers the creation of a set of guiding principles to be applied to the practice of property management. These principles will enunciate the objectives and intent of the property (also known as “asset”) management community, stress simplified procedures, promote less rather than more, judgment rather than “by-the-book” decisions, and encourage the adoption of “best practices.”
1.2 The acceptance of these guiding principles has the potential to foster a problem-solving mentality within the property management community, encourage the use of innovative and cost-effective practices, create greater commonality between government and industry practices, and increase the ability of organizations to respond to changing needs and business conditions.
1.3 The potential economic and practical benefits of operating in a manner consistent with a set of guidelines outweigh concerns about the loss of predictability, uniformity, and consistency.
1.4 The intent of this practice is to provide property management guidance for tangible personal property; however, many of the principles appropriately apply to other types of property.
2. Referenced Documents (purchase separately) The documents listed below are referenced within the subject standard but are not provided as part of the standard.
E2131 Practice for Addressing and Reporting Loss, Damage, or Destruction of Tangible Property
E2132 Practice for Inventory Verification: Electronic and Physical Inventory of Assets
E2135 Terminology for Property and Asset Management
Federal StandardsFederal Accounting (FASAB) Statement of Federal Financial Accounting Concepts 1: Objectives of Federal Financial Reporting Federal Acquisitio Federal Management Public Law 107-2 Codified as Title 40 of the U.S. Code Previously known as the Federal Property and Administrative Services Act of 1949. Securities and E No. 99, Materiality (1999) Securities Exchang Title 15, Section 78m (b)(2)(A)
Financial Accounting Standards Board (FASB) DocumentsASC360 Property, Plant, and Equipment--Prior to recodification guidance contained in FASB 144 FASB 144 Accounting for the Impairment or Disposal of Long-Lived Assets FASB Statement C Qualitative Characteristics of Accounting Information
ICS Number Code 03.100.01 (Company organization and management in general)
UNSPSC Code 80131801(Property management)
ASTM E2279-15, Standard Practice for Establishing the Guiding Principles of Property Asset Management, ASTM International, West Conshohocken, PA, 2015, www.astm.orgBack to Top