ASTM E2279-15

Standard Practice for Establishing the Guiding Principles of Property Asset Management

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.
SCOPE
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.

General Information

• Status: Historical
• Publication Date: 31-Dec-2014
• ICS: 03.100.01 - Company organization and management in general
• Technical Committee: E53 - Asset Management
• Drafting Committee: E53.01 - Process Management

Relations

• Replaces: ASTM E2279-09 - Standard Practice for Establishing the Guiding Principles of Property Management
• Effective Date: 01-Jan-2015
• Replaced By: ASTM E2279-20 - Standard Practice for Establishing the Guiding Principles of Property Asset Management
• Effective Date: 01-Jul-2020
• Referred By: ASTM E2378-19 - Standard Practice for the Recognition of Impaired or Retired Property Assets
• Effective Date: 01-Jan-2015
• Referred By: ASTM E3257-21 - Standard Practice for Asset Taxonomy
• Effective Date: 01-Jan-2015
• Referred By: ASTM E2452-12(2019) - Standard Practice for Equipment Management Process Maturity (EMPM) Model
• Effective Date: 01-Jan-2015
• Referred By: ASTM E2135-22 - Standard Terminology for Property and Asset Management
• Effective Date: 01-Jan-2015
• Referred By: ASTM E2306-18 - Standard Guide for Disposal of Personal Property Assets
• Effective Date: 01-Jan-2015
• Referred By: ASTM E2631-20 - Standard Practice for Physical Placement of an Entity-Controlled Supplemental Identification Label
• Effective Date: 01-Jan-2015
• Referred By: ASTM E2453-19 - Standard Practice for Estimating the Life-Cycle Cost of Ownership of Property Assets
• Effective Date: 01-Jan-2015
• Referred By: ASTM E2675-22 - Standard Practice for Asset Management System Outcomes
• Effective Date: 01-Jan-2015
• Referred By: ASTM E2608-20 - Standard Practice for Equipment Control Matrix (ECM)
• Effective Date: 01-Jan-2015
• Referred By: ASTM E2672-16(2021) - Standard Practice for Identification and Categorization of Tooling
• Effective Date: 01-Jan-2015
• Referred By: ASTM E2607-21 - Standard Practice for Cannibalization/Reclamation of Serviceable Equipment Components to Support Demand Requirements
• Effective Date: 01-Jan-2015
• Referred By: ASTM E3015-15(2020) - Standard Guide for Management of Customer-Owned Property Assets in Possession of Supplier, Contractor or Subcontractor
• Effective Date: 01-Jan-2015
• Referred By: ASTM E2936-20 - Standard Guide for Contractor Self-Assessment for U.S. Government Asset Management Systems
• Effective Date: 01-Jan-2015

Standards Content (Sample)

NOTICE: This standard has either been superseded and replaced by a new version or withdrawn.
Contact ASTM International (www.astm.org) for the latest information
Designation: E2279 − 15
Standard Practice for
Establishing the Guiding Principles of Property Asset
1
Management
This standard is issued under the fixed designation E2279; the number immediately following the designation indicates the year of
original adoption or, in the case of revision, the year of last revision. A number in parentheses indicates the year of last reapproval. A
superscript epsilon (´) indicates an editorial change since the last revision or reapproval.
1. Scope E2132 Practice for Inventory Verification: Electronic and
Physical Inventory of Assets
1.1 This practice covers the creation of a set of guiding
E2135 Terminology for Property and Asset Management
principles to be applied to the practice of property manage-
3
2.2 Federal Standards:
ment. These principles will enunciate the objectives and intent
Federal Accounting Standards Advisory Board (FASAB)
of the property (also known as “asset”) management
Statement of Federal Financial Accounting Concepts 1:
community, stress simplified procedures, promote less rather
Objectives of Federal Financial Reporting
than more, judgment rather than “by-the-book” decisions, and
Federal Acquisition Regulations
encourage the adoption of “best practices.”
Federal Management Regulations
1.2 The acceptance of these guiding principles has the
Public Law 107-217 Codified as “Title 40 of the U.S.
4
potential to foster a problem-solving mentality within the
Code”
property management community, encourage the use of inno-
Securities Exchange Act of 1934 Title 15, Section 78m
vative and cost-effective practices, create greater commonality
(b)(2)(A)
between government and industry practices, and increase the
Securities and Exchange Commission Staff Account-
ability of organizations to respond to changing needs and
ing Bulletin No. 99, Materiality (1999)
business conditions.
2.3 Financial Accounting Standards Board (FASB) Docu-
5
1.3 The potential economic and practical benefits of oper- ments:
ASC 360 Property, Plant, and Equipment—Prior to recodi-
ating in a manner consistent with a set of guidelines outweigh
concerns about the loss of predictability, uniformity, and fication guidance contained in FASB 144
consistency. FASB 144 Accounting for the Impairment or Disposal of
Long-Lived Assets
1.4 The intent of this practice is to provide property man-
FASB Statement Concepts No. 2 Qualitative Characteristics
agement guidance for tangible personal property; however,
of Accounting Information
many of the principles appropriately apply to other types of
property.
3. Terminology
3.1 Definitions—For definitions relating to property and
2. Referenced Documents
asset management, refer to Terminology E2135.
2
2.1 ASTM Standards:
3.1.1 acquisition cost, n—purchase price paid for property
E2131 Practice for Addressing and Reporting Losses of
and any appropriate subsequent improvements to it. Includes
Tangible Property
cash paid or fair value received and material amounts of
preparation cost such as inspection, testing, and installation.
3.1.2 agency, n—government organization, regardless of
1
This practice is under the jurisdiction of ASTM Committee E53 on Asset
level (federal, state, or local).
Management and is the direct responsibility of Subcommittee E53.01 on Process
Management.
3
Current edition approved Jan. 1, 2015. Published January 2015. Originally AvailablefromU.S.GovernmentPrintingOfficeSuperintendentofDocuments,
approved in 2003. Last previous edition approved in 2009 as E2279 – 09. DOI: 732 N. Capitol St., NW, Mail Stop: SDE, Washington, DC 20401, http://
10.1520/E2279-15. www.access.gpo.gov.
2 4
For referenced ASTM standards, visit the ASTM website, www.astm.org, or Previously known as the Federal Property and Administrative Services Act of
contact ASTM Customer Service at [e-mail]. For Annual Book of ASTM 1949.
5
Standards volume information, refer to the standard’s Document Summary page on Available from Financial Accounting Standards Board (FASB), 401 Merritt 7,
the ASTM website.
Norwalk, CT 06856-5116, http://www.fasb.org.
Copyright © ASTM International, 100 Barr Harbor Drive, PO Box C700, West Conshohocken, PA 19428-2959. United States
1

---------------------- Page: 1 ----------------------
E2279 − 15
3.1.3 best value, n—expected outcome of an action, in the 3.1.12 personal property—property owned or subject to
entity’s estimation, which provides the greatest overall benefit. ownership other than real estate, includes items determined to
6
Federal Acquisition Regulations be non-real estate moveable property.
3.1.4 care and handling, n—includes the costs of 3.1.13 property management—monitoring and control func-
completing, repairing, converting, rehabilitating, operating,
tionchargedwithassuringthatorganizationalprocessesrelated
preparing, preserving, protecting, insuring, packing, storing,
to
...

This document is not an ASTM standard and is intended only to provide the user of an ASTM standard an indication of what changes have been made to the previous version. Because
it may not be technically possible to adequately depict all changes accurately, ASTM recommends that users consult prior editions as appropriate. In all cases only the current version
of the standard as published by ASTM is to be considered the official document.
Designation: E2279 − 09 E2279 − 15
Standard Practice for
Establishing the Guiding Principles of Property Asset
1
Management
This standard is issued under the fixed designation E2279; the number immediately following the designation indicates the year of
original adoption or, in the case of revision, the year of last revision. A number in parentheses indicates the year of last reapproval. A
superscript epsilon (´) indicates an editorial change since the last revision or reapproval.
1. Scope
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
2
2.1 ASTM Standards:
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
3
2.2 Federal Standards:
Federal Accounting Standards Advisory Board (FASAB) Statement of Federal Financial Accounting Concepts 1: Objectives of
Federal Financial Reporting
Federal Acquisition Regulations
Federal Management Regulations
4
Public Law 107-217 Codified as “Title 40 of the U.S. Code”
Securities Exchange Act of 1934 Title 15, Section 78m (b)(2)(A)
Securities and Exchange Commission Staff Accounting Bulletin No. 99, Materiality (1999)
5
2.3 Financial Accounting Standards Board (FASB) Documents:
ASC 360 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 Concepts No. 2 Qualitative Characteristics of Accounting Information
3. Terminology
3.1 Definitions—For definitions relating to property and asset management, refer to Terminology E2135.
1
This practice is under the jurisdiction of ASTM Committee E53 on Asset Management and is the direct responsibility of Subcommittee E53.01 on Process Management.
Current edition approved Aug. 1, 2009Jan. 1, 2015. Published September 2009January 2015. Originally approved in 2003. Last previous edition approved in 20032009
as E2279 – 03.E2279 – 09. DOI: 10.1520/E2279-09.10.1520/E2279-15.
2
For referenced ASTM standards, visit the ASTM website, www.astm.org, or contact ASTM Customer Service at [e-mail]. For Annual Book of ASTM Standards
volume information, refer to the standard’s Document Summary page on the ASTM website.
3
Available from U.S. Government Printing Office Superintendent of Documents, 732 N. Capitol St., NW, Mail Stop: SDE, Washington, DC 20401, http://
www.access.gpo.gov.
4
Previously known as the Federal Property and Administrative Services Act of 1949.
5
Available from Financial Accounting Standards Board (FASB), 401 Merritt 7, P.O. Box 5116, Norwalk, CT 06856,06856-5116, http://www.fasb.org.
Copyright © ASTM International, 100 Barr Harbor Drive, PO Box C700, West Conshohocken, PA 19428-2959. United States
1

---------------------- Page: 1 ----------------------
E2279 − 15
3.1.1 acquisition cost, n—purchase price paid for property and any appropriate subsequent improvements to it. Includes cash
paid or fair value received and material amounts of preparation cost such as inspection, testing, and installation.
3.1.2 agency, n—government organization, regardless of level (federal, state, or local).
3.1.3 best value, n—expected outcome of an action, in the entity’s estimation, which provides the greatest overall benefit.
6
Federal Acquisition Regulations
3.1.4 care and handling, n—includes the costs of completing,
...