ASTM E2279-20

Standard Practice for Establishing the Guiding Principles of Property Asset Management

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.
SCOPE
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.

General Information

• Status: Published
• Publication Date: 30-Jun-2020
• ICS: 03.100.01 - Company organization and management in general
• Technical Committee: E53 - Asset Management
• Drafting Committee: E53.01 - Process Management

Relations

• Refers: ASTM E3015-15(2020) - Standard Guide for Management of Customer-Owned Property Assets in Possession of Supplier, Contractor or Subcontractor
• Effective Date: 01-Jul-2020
• Referred By: ASTM E2135-22 - Standard Terminology for Property and Asset Management
• Effective Date: 01-Jul-2020
• Referred By: ASTM E2131-16(2022) - Standard Practice for Addressing and Reporting Losses of Tangible Property
• Effective Date: 01-Jul-2020
• Referred By: ASTM E2672-16(2021) - Standard Practice for Identification and Categorization of Tooling
• Effective Date: 01-Jul-2020
• Referred By: ASTM E2631-20 - Standard Practice for Physical Placement of an Entity-Controlled Supplemental Identification Label
• Effective Date: 01-Jul-2020
• Referred By: ASTM E2676-09(2020) - Standard Practice for Tangible Property Mobility Index (MI)
• Effective Date: 01-Jul-2020
• Referred By: ASTM E2675-22 - Standard Practice for Asset Management System Outcomes
• Effective Date: 01-Jul-2020
• Referred By: ASTM E2608-20 - Standard Practice for Equipment Control Matrix (ECM)
• Effective Date: 01-Jul-2020
• Referred By: ASTM E2607-21 - Standard Practice for Cannibalization/Reclamation of Serviceable Equipment Components to Support Demand Requirements
• Effective Date: 01-Jul-2020
• Referred By: ASTM E2936-20 - Standard Guide for Contractor Self-Assessment for U.S. Government Asset Management Systems
• Effective Date: 01-Jul-2020
• Referred By: ASTM E3257-21 - Standard Practice for Asset Taxonomy
• Effective Date: 01-Jul-2020

Standards Content (Sample)

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.
Designation: E2279 − 20
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 2. Referenced Documents
2
1.1 This practice covers the creation of a set of guiding 2.1 ASTM Standards:
principles that, when adopted, is endorsed by top management E2131 Practice for Addressing and Reporting Losses of
to be applied to the practice of property management. These Tangible Property
principles will enunciate the objectives and intent of the E2132 Practice for Inventory Verification: Electronic and
property (also known as “asset”) management community, Physical Inventory of Assets
stress simplified procedures, promote less rather than more, E2135 Terminology for Property and Asset Management
judgment rather than “by-the-book” decisions, and encourage E2306 Guide for Disposal of Personal Property Assets
the adoption of “best practices.” E2378 Practice for the Recognition of Impaired or Retired
Property Assets
1.2 The acceptance of these guiding principles provides the
E2452 Practice for Equipment Management Process Matu-
high potential of improved internal controls and governance. It
rity (EMPM) Model
promotes a problem-solving mentality and culture within the
E2453 Practice for Estimating the Life-Cycle Cost of Own-
property management community, encourages the use of inno-
ership of Property Assets
vative and cost-effective practices, creates greater commonal-
E2607 Practice for Cannibalization/Reclamation of Service-
ity between government and industry practices, and increases
ableEquipmentComponentstoSupportDemandRequire-
the ability of organizations to respond to changing needs and
ments
business conditions.
E2608 Practice for Equipment Control Matrix (ECM)
1.3 This practice adopts the concept that the potential
E2811 Practice for Management of Low Risk Property
benefits of operating in a manner consistent with a set of
(LRP)
standards and guidelines outweigh concerns about the loss of
E2936 Guide for Contractor Self-Assessment for U.S. Gov-
predictability, uniformity, and consistency.
ernment Asset Management Systems
E3015 Guide for Management of Customer-Owned Property
1.4 This practice provides property management standards
and guidance that may be used for various types of property Assets in Possession of Supplier, Contractor or Subcon-
tractor
including tangible, intangible, personal, and real.
2.2 Committee of Sponsoring Organizations of the Tread-
1.5 This standard does not purport to address all of the
3
way Commission (COSO):
safety concerns, if any, associated with its use. It is the
Internal Control — Integrat​​​​​​​​ed F​r​​amework​​​(the GAO “Green
responsibility of the user of this standard to establish appro-
Book” adapted this framework for a government environ-
priate safety, health, and environmental practices and deter-
ment)
mine the applicability of regulatory limitations prior to use.
4
1.6 This international standard was developed in accor-
2.3 Federal Requirements:
dance with internationally recognized principles on standard-
2 CFR 200 Uniform Administrative Requirements, Cost
ization established in the Decision on Principles for the
Principles, and Audit Requirements for Federal Awards
Development of International Standards, Guides and Recom-
mendations issued by the World Trade Organization Technical
2
Barriers to Trade (TBT) Committee. 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
1
This practice is under the jurisdiction of ASTM Committee E53 on Asset the ASTM website.
3
Management and is the direct responsibility of Subcommittee E53.01 on Process Available from American Institute of Certified Public Accountants (AICPA),
Management. 1345 Avenue of the Americas, 27th Floor New York, NY 10105, https://
Current edition approved July 1, 2020. Published August 2020. Originally www.aicpa.org.
4
approved in 2003. Last previous edition approved in 2015 as E2279–15. DOI: Available from U.S. Government Publishing Office (GPO), 732 N. Capitol St.,
10.1520/E2279-20. NW, Washington, DC 20401, http://www.gpo.gov.
Copyright © ASTM International, 100 Barr Harbor Drive, PO Box C700, West Conshohocken, PA 19428-2959. Unit
...

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 − 15 E2279 − 20
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 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 hasprovides the potential to foster high potential of improved internal controls
and governance. It promotes a problem-solving mentality and culture within the property management community, encourageen-
courages the use of innovative and cost-effective practices, createcreates greater commonality between government and industry
practices, and increaseincreases the ability of organizations to respond to changing needs and business conditions.
1.3 The potential economic and practical 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 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.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
2
2.1 ASTM Standards:
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
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 Jan. 1, 2015July 1, 2020. Published January 2015August 2020. Originally approved in 2003. Last previous edition approved in 20092015 as
E2279 – 09.E2279–15. DOI: 10.1520/E2279-15.10.1520/E2279-20.
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’sstandard’s Document Summary page on the ASTM website.
Copyright © ASTM International, 100 Barr Harbor Drive, PO Box C700, West Conshohocken, PA 19428-2959. United States
1

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E2279 − 20
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2.2 Committee of Sponsoring Organizations of the Treadway Commission (COSO):
Internal Control — Inte
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