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Significance and Use
4.1 The intent of these principles and desired outcomes is to provide requirements and guidance for an effective and efficient system for (1) the acquisition of property, (2) the utilization of available property, and (3) the disposal of property. (40 U.S. Code § 101)
4.2 Asset management practices shall seek, when viewed in totality, to be effective and efficient, to the point at which benefits exceed the costs of operation.
4.3 The requirements and guidance in this practice shall be used to establish property management plans that strategically address organizational objectives including: scope, management system, management structure, process flows, alignment, internal controls, enforcement, risks, accountability, and resources to collectively realize optimal value from assets.
4.4 The intent of this practice is to promote the right sizing and scope of the asset management activity to appropriately manage organizational assets.
4.5 To establish a learning and innovative culture with continuous self-assessments and process improvements.
4.6 To establish policies, systems, and processes to timely prevent, detect, and correct operational weaknesses and deficiencies in internal controls that may result in waste, fraud abuse, mismanagement, and corruption.
1.1 This practice covers the creation of a set of guiding principles that, when adopted, is endorsed by top management 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 provides the high potential of improved internal controls and governance. It promotes a problem-solving mentality and culture within the property management community, encourages the use of innovative and cost-effective practices, creates greater commonality between government and industry practices, and increases the ability of organizations to respond to changing needs and business conditions.
1.3 This practice adopts the concept that the potential benefits of operating in a manner consistent with a set of standards and guidelines outweigh concerns about the loss of predictability, uniformity, and consistency.
1.4 This practice provides property management standards and guidance that may be used for various types of property including tangible, intangible, personal, and real.
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, health, and environmental practices and determine the applicability of regulatory limitations prior to use.
1.6 This international standard was developed in accordance with internationally recognized principles on standardization established in the Decision on Principles for the Development of International Standards, Guides and Recommendations issued by the World Trade Organization Technical Barriers to Trade (TBT) Committee.
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 Losses of Tangible Property
E2132 Practice for Inventory Verification: Electronic and Physical Inventory of Assets
E2135 Terminology for Property and Asset Management
E2306 Guide for Disposal of Personal Property Assets
E2378 Practice for the Recognition of Impaired or Retired Property Assets
E2452 Practice for Equipment Management Process Maturity (EMPM) Model
E2453 Practice for Estimating the Life-Cycle Cost of Ownership of Property Assets
E2607 Practice for Cannibalization/Reclamation of Serviceable Equipment Components to Support Demand Requirements
E2608 Practice for Equipment Control Matrix (ECM)
E2811 Practice for Management of Low Risk Property (LRP)
E2936 Guide for Contractor Self-Assessment for U.S. Government Asset Management Systems
E3015 Guide for Management of Customer-Owned Property Assets in Possession of Supplier, Contractor or Subcontractor
Committee of Sponsoring Organizations of the Treadway Commission (COSO)Internal Control — Integrat (the GAO Green Book adapted this framework for a government environment)
ICS Number Code 03.100.01 (Company organization and management in general)
UNSPSC Code 80131801(Property management)
|Link to Active (This link will always route to the current Active version of the standard.)|
ASTM E2279-20, Standard Practice for Establishing the Guiding Principles of Property Asset Management, ASTM International, West Conshohocken, PA, 2020, www.astm.orgBack to Top