ASTM E2135-10A(2017)e1
(Terminology)Standard Terminology for Property and Asset Management
Standard Terminology for Property and Asset Management
SCOPE
1.1 This terminology covers traditional property management definitions and some of the terms introduced in additional asset management standards that are used most often and considered most important. As new standards are developed, new terms will be added to this terminology in future revisions.
1.2 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
Buy Standard
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NOTICE: This standard has either been superseded and replaced by a new version or withdrawn.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
´1
Designation: E2135 − 10a (Reapproved 2017)
Standard Terminology for
Property and Asset Management
This standard is issued under the fixed designation E2135; the number immediately following the designation indicates the year of
original adoption or, in the case of revision, the year of last revision.Anumber in parentheses indicates the year of last reapproval.A
superscript epsilon (´) indicates an editorial change since the last revision or reapproval.
ε NOTE—Section 2 was updated and terms were placed in Section 3 editorially in March 2019.
1. Scope E2606Practice for Receipt Notification as a Result of
Tangible Asset Movement
1.1 This terminology covers traditional property manage-
E2607Practice for Cannibalization/Reclamation of Service-
mentdefinitionsandsomeofthetermsintroducedinadditional
ableEquipmentComponentstoSupportDemandRequire-
asset management standards that are used most often and
ments
considered most important. As new standards are developed,
E2608Practice for Equipment Control Matrix (ECM)
newtermswillbeaddedtothisterminologyinfuturerevisions.
E2674Practice for Assessment of Impact of Mobile Data
1.2 This international standard was developed in accor- 3
Storage Device (MDSD) Loss (Withdrawn 2015)
dance with internationally recognized principles on standard-
E2675Practice for Property Management System Outcomes
ization established in the Decision on Principles for the
E2715Practice for Moveable Property Storage
Development of International Standards, Guides and Recom-
E2811Practice for Management of Low Risk Property
mendations issued by the World Trade Organization Technical
(LRP)
Barriers to Trade (TBT) Committee.
E2812Practice for Uniform Data Management in Asset
Management Records Systems
2. Referenced Documents
E2936Guide for Contractor SelfAssessment for U.S. Gov-
2.1 ASTM Standards:
ernment Property Management Systems
E2132Practice for Inventory Verification: Electronic and
E2962Guide for Fleet Management
Physical Inventory of Assets
E3015GuideforManagementofCustomer-OwnedProperty
E2221Practice for Administrative Control of Property
Assets in Possession of Supplier, Contractor or Subcon-
(Withdrawn 2011)
tractor
E2306Guide for Disposal of Personal Property Assets
2.2 Other Documents:
E2452Practice for Equipment Management Process Matu-
Auditing Standard No. 2AnAudit of Internal Control Over
rity (EMPM) Model
Financial Reporting Performed in Conjunction With an
E2453Practice for Determining the Life-Cycle Cost of 4
Audit of Financial Statements
Ownership of Personal Property
Federal Acquisition Regulation (FAR) Part 45 Clause
E2495 Practice for Prioritizing Asset Resources in 5
52.245-1Government Property
Acquisition, Utilization, and Disposition 6
GAO-12-331GGovernment Auditing Standards
E2499PracticeforClassificationofAssetLocationInforma-
International Standard on Assurance Engagements (ISAE)
tion
3402Assurance Reports on Controls at a Service Organi-
E2604Practice for Data Characteristics of EquipmentAsset 7
zation
Record
OMB Circular A-123Management’s Responsibility for In-
ternal Control
This terminology is under the jurisdiction of Committee E53 on Asset
Management and is the direct responsibility of Subcommittee E53.06 on Terminol-
ogy. Available from Public CompanyAccounting Oversight Board (PCAOB), 1666
Current edition approved May 1, 2017. Published May 2017. Originally K Street, NW, Washington, DC 20006-2803, http://www.pcaobus.org.
approved in 2001. Last previous edition approved in 2017 as E2135–10a (2017). Available from U.S. General Services Administration (GSA), 1800 F Street,
DOI: 10.1520/E2135-10AR17E01. NW Washington, DC 20405, http://www.gsa.gov/regulations.
2 6
For referenced ASTM standards, visit the ASTM website, www.astm.org, or Available from U.S. Government Publishing Office (GPO), 732 N. Capitol St.,
contact ASTM Customer Service at service@astm.org. For Annual Book of ASTM NW, Washington, DC 20401, http://www.gpo.gov.
Standards volume information, refer to the standard’s Document Summary page on Available from International Federation of Accountants (IFAC), 529 5th
the ASTM website. Avenue, New York, NY 10017, http://www.ifac.org.
3 8
The last approved version of this historical standard is referenced on Available from Office of Management and Budget (OMB), 725 17th Street,
www.astm.org. NW, Washington, DC 20503, http://www.whitehouse.gov/omb.
Copyright © ASTM International, 100 Barr Harbor Drive, PO Box C700, West Conshohocken, PA 19428-2959. United States
ϵ1
E2135 − 10a (2017)
3. Terminology accessory item, n—an item that facilitates or enhances the
operation of equipment but is not essential for its basic
3.1 Terms and Definitions:
operation.
abandon, v—to give up all and any future claim to rights or
accountability, n—individualordepartmentalresponsibilityto
interest in property.
perform a certain function. Accountability may be dictated
orimpliedbylaw,regulation,oragreement.Forexample,an
abandoned property, n—property of any type over which the
auditor will be held accountable to financial statement users
rightful owner has relinquished possession and any claim of
relying on the audited financial statements for failure to
an ownership interest.
uncover corporate fraud because of negligence in applying
generally accepted auditing standards (GAAS).
abatement, n—a reduction or cancellation of an assessed tax.
accounting change, n—change in: (1) accounting principles
ABC method, n—inventory management method that catego-
(such as a new depreciation method); (2) accounting esti-
rizes items in terms of importance. Thus, more emphasis is
mates (such as a revised projection of doubtful accounts
placed on higher dollar value items (“A”s) than on lesser
receivable); or (3) the reporting entity (such as a merger of
dollar value items (“B”s), while the least important items
companies). When an accounting change is made, appropri-
(“C”s) receive the least time and attention. Inventory should
ate footnote disclosure is required to explain its justification
be analyzed frequently when using the ABC method. The
and financial effect, thereby enabling readers to make
procedure for ABC analysis follows: (1) Separate finished
appropriate investment and credit judgments. Proper justifi-
goods into types (chairs of different models, and so on);
cation for a change in accounting principles may be the
separate raw materials into types (screws, nuts, and so on).
issuance of a new FASB pronouncement, SEC Accounting
(2) Calculate the annual dollar usage for each type of
Series Release (ASR), or IRS regulation. Changes in esti-
inventory (multiply the unit cost by the expected future
mates are justified by changing circumstances such as a
annual usage). (3) Rank each inventory type from highest to
greater degree of wear and tear of a fixed asset than
lowest, based on annual dollar usage. (4) Classify the
originally anticipated. Generally, the consistent use of ac-
inventory as A—the top 20%; B—the next 30%; and
counting principles and procedures is essential in appraising
C—the last 50% of dollars usage, respectively. (5) Tag the
and entity’s activities and in the projection of future results;
inventory with its appropriateABC classification and record
however, changes in the reporting entity have to be retroac-
those classifications in the item inventory master records.
tively reflected for comparative purposes.
abnormal spoilage, n—for government accounting under the
accretion, n—increase in economic worth through physical
FAR, abnormal spoilage may or may not be allowable cost.
change,usuallysaidofanaturalresourcesuchasanorchard,
If the cost is deemed allowable, the cost would normally be
caused by natural growth. Contrast with appreciation.
charged consistently with normal spoilage.
accumulated depreciation, n—sum of depreciation charges
accelerated cost recovery system (ACRS), n—system of
taken to date on a fixed asset.Accumulated depreciation is a
depreciation for tax purposes mandated by the Economic
contra account to the fixed asset to arrive at book value. For
Recovery Act (ERA) of 1981 and modified by the Tax
example, on 1/1/2000 an auto is bought costing $10000,
Reform Act of 1986. The type of property determines its
with a salvage value of $1000 and a life of 10 years. Using
class. Instead of providing statutory tables, prescribed meth-
straight-line depreciation, the accumulated depreciation on
ods of depreciation are assigned to each class of property.
12/31/2003 would be $3600 ($900 × 4).
For 3, 5, 7, and 10-year classed, the relevant depreciation
acquired property, n—property under the possession or con-
method is the 200% declining balance method. For 15 and
trol of an entity that is not deemed “furnished property” and
20-year property, the appropriate method is the 150%
was acquired for business operation purposes. E3015
declining balance method switching to the straight-line
methodwhenitwillyieldalargerallowance.Forresidential
acquisition, n—hardware, supplies or services through
rental property (27.5 years) and nonresidential real property
purchase, lease, or other means, including transfer or
(31.5 years), the applicable method is the straight-line
fabrication, whether the supplies or services are already in
method. A taxpayer may make an irrevocable election to
existence or must be created, developed, demonstrated, and
treat all property in one of the classes under the straight-line
evaluated. E2607
method. Property is statutorily placed in one of the classes.
activity-based depreciation, n—production method of depre-
The purpose of ACRS is to encourage more capital invest-
ciation.
mentbybusinesses.Itpermitsafasterrecoveryoftheasset’s
costandthusprovideslargertaxbenefitsintheearlieryears.
actual cash value, n—the cost of replacing damaged property
See also modified accelerated cost recovery systems
with other property of like kind and quality in the physical
(MACRS).
condition of the property immediately before the damage.
accelerated depreciation, n—any method of calculating de- actual cost, n—an amount determined on the basis of cost
preciation charges where the charges become progressively
incurred including standard cost properly adjusted for appli-
smaller each period cable variance.
ϵ1
E2135 − 10a (2017)
adjusted basis, n—the basis used to compute gain or loss on sold100sharesofXYZcompany’sstockfor$105pershare
disposition of an asset for tax purposes. Also, see book that he bought 10 years ago for $25 per share. The amount
value. of appreciation was $8000 = ($105 − $25) × 100 shares.
administratively controlled property, n—the property assets assembly, n—a number of parts or subassemblies joined
that are controlled at the discretion of asset managers together.
managing the inventories of individual operational units.
assessed valuation, n—a dollar amount for real estate or other
E2221
property used by a government as a basis for levying taxes.
ad valorem tax—levy imposed on the value of property. The The amount may or may not bear some relation to market
most common ad valorem tax is that imposed by states, value.
counties, and cities on real estate. Ad valorem taxes can,
assessed value, n—value established by a government for real
however, be imposed on personal property.
estate or other property as a basis for levying taxes. For
agency-peculiar property, n—asusedinDoD,meansmilitary example, an individual receives a statement that, in the
property and includes end items and integral components of judgment of the local tax assessor, the individual’s property
military weapons systems, along with the related peculiar isworth$50000.Ifbylaw,propertiesinthisjurisdictionare
support equipment which is not readily available as a assessed at 80% of market value, the individual’s assessed
commercial item. value then is $40000 (80% of $50000) and property taxes
will be based on this assessed value.
allocate, v—to assign an item of cost, or a group of items of
cost, to one or more cost objectives.This term includes both asset, n—(1) anything owned having monetary value; (2)
direct assignment of cost and the reassignment of a share tangible or intangible items owned by an entity that have
from an indirect cost pool. probable economic benefits that can be obtained or con-
trolled by the entity.
amortization, n—gradual reduction of an amount over time.
Examples are amortized expenses on intangible assets and asset accountability unit, n—a tangible capital asset which is
deferred charges.Assets with limited life have to be written acomponentofplantandequipmentthatiscapitalizedwhen
down over the period benefited. For example, all intangible acquired or whose replacement is capitalized when the unit
assets must be amortized using the straight-line method not is removed, transferred, sold, abandoned, demolished, or
exceeding 40 years; the amortization entry in that case is to otherwise disposed of.
debit amortization expense and credit the intangible asset.
asset custodian, n—an individual or organization accountable
amortization, n—the gradual extinguishment of any amount for asset. E2606
over a period of time through a systematic allocation of the
asset identifier, n—an alphanumeric character sequence that
amount over a number of consecutive accounting periods
corresponds to a specific asset record in an asset manage-
such as the retirement of a debt by serial payments to a
ment records system. E2812
sinking fund.
asset priority index (API), n—numericalvalueassignedtoan
amortization, n—normally applies to intangibles whereas
asset reflecting its value to an entity’s mission or other
depreciation applies to tangible assets.
critical assignments as defined by the criteria set forth by
amortize, v—to write off a regular portion of an asset’s cost management. E2495
over a fixed period of time. Examples are amortization
average age of inventory, n—number of days an average
expense on an intangible asset and depletion expense on a
inventory item takes to sell: For example, assume that
natural resource. See also sales return.
average inventory is $47500 and cost of goods sold is
analytical hierarchy process (AHP), n—decision-making $500 000. The average age of inventory is
model that reduces complex decisions to one on one com- ($47500⁄$500000)×365days=34.7days.Seealso days to
parisons resulting in the ranking of a list of objectives or sell inventory.AverageInventorydividedbyAverageAgeof
alternatives. E2495 Inventory = Cost of Goods Sold × 365 days.
appraisal, n—the process of obtaining a valuation for an asset average inventory, n—amount equaling about half maximum
or liability that involves expert opinion rather than explicit inventory when demand is relatively constant. For example,
market transaction. i
...
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.
´1
Designation: E2135 − 10a (Reapproved 2017) E2135 − 10a (Reapproved 2017)
Standard Terminology for
Property and Asset Management
This standard is issued under the fixed designation E2135; 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.
ε NOTE—Section 2 was updated and terms were placed in Section 3 editorially in March 2019.
1. Scope
1.1 This terminology covers traditional property management definitions and some of the terms introduced in additional asset
management standards that are used most often and considered most important. As new standards are developed, new terms will
be added to this terminology in future revisions.
1.2 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
2.1 ASTM Standards:
E2132 Practice for Inventory Verification: Electronic and Physical Inventory of Assets
E2221 Practice for Administrative Control of Property (Withdrawn 2011)
E2306 Guide for Disposal of Personal Property Assets
E2452 Practice for Equipment Management Process Maturity (EMPM) Model
E2453 Practice for Determining the Life-Cycle Cost of Ownership of Personal Property
E2495 Practice for Prioritizing Asset Resources in Acquisition, Utilization, and Disposition
E2499 Practice for Classification of Asset Location Information
E2604 Practice for Data Characteristics of Equipment Asset Record
E2606 Practice for Receipt Notification as a Result of Tangible Asset Movement
E2607 Practice for Cannibalization/Reclamation of Serviceable Equipment Components to Support Demand Requirements
E2608 Practice for Equipment Control Matrix (ECM)
E2674 Practice for Assessment of Impact of Mobile Data Storage Device (MDSD) Loss (Withdrawn 2015)
E2675 Practice for Property Management System Outcomes
E2715 Practice for Moveable Property Storage
E2811 Practice for Management of Low Risk Property (LRP)
E2812 Practice for Uniform Data Management in Asset Management Records Systems
E2936 Guide for Contractor Self Assessment for U.S. Government Property Management Systems
E2962 Guide for Fleet Management
E3015 Guide for Management of Customer-Owned Property Assets in Possession of Supplier, Contractor or Subcontractor
2.2 Other Documents:
Auditing Standard No. 2 An Audit of Internal Control Over Financial Reporting Performed in Conjunction With an Audit of
Financial Statements
Federal Acquisition Regulation (FAR) Part 45 Clause 52.245-1 Government Property
GAO-12-331G Government Auditing Standards
This terminology is under the jurisdiction of Committee E53 on Asset Management and is the direct responsibility of Subcommittee E53.06 on Terminology.
ɛ2
Current edition approved May 1, 2017. Published May 2017. Originally approved in 2001. Last previous edition approved in 20102017 as E2135 – 10a (2017). . DOI:
10.1520/E2135-10AR17.10.1520/E2135-10AR17E01.
For referenced ASTM standards, visit the ASTM website, www.astm.org, or contact ASTM Customer Service at service@astm.org. For Annual Book of ASTM Standards
volume information, refer to the standard’s Document Summary page on the ASTM website.
The last approved version of this historical standard is referenced on www.astm.org.
Available from Public Company Accounting Oversight Board (PCAOB), 1666 K Street, NW, Washington, DC 20006-2803, http://www.pcaobus.org.
Available from U.S. General Services Administration (GSA), 1800 F Street, NW Washington, DC 20405, http://www.gsa.gov/regulations.
Available from U.S. Government Publishing Office (GPO), 732 N. Capitol St., NW, Washington, DC 20401-0001,20401, http://www.gpo.gov.
Copyright © ASTM International, 100 Barr Harbor Drive, PO Box C700, West Conshohocken, PA 19428-2959. United States
´1
E2135 − 10a (2017)
International Standard on Assurance Engagements (ISAE) 3402 Assurance Reports on Controls at a Service Organization
OMB Circular A-123 Management’s Responsibility for Internal Control
3. Terminology
3.1 Terms and Definitions:
abandon, v—to give up all and any future claim to rights or interest in property.
abandoned property, n—property of any type over which the rightful owner has relinquished possession and any claim of an
ownership interest.
abatement, n—a reduction or cancellation of an assessed tax.
ABC method, n—inventory management method that categorizes items in terms of importance. Thus, more emphasis is placed
on higher dollar value items (“A”s) than on lesser dollar value items (“B”s), while the least important items (“C”s) receive the
least time and attention. Inventory should be analyzed frequently when using the ABC method. The procedure for ABC analysis
follows: (1) Separate finished goods into types (chairs of different models, and so on); separate raw materials into types (screws,
nuts, and so on). (2) Calculate the annual dollar usage for each type of inventory (multiply the unit cost by the expected future
annual usage). (3) Rank each inventory type from highest to lowest, based on annual dollar usage. (4) Classify the inventory
as A—the top 20 %; B—the next 30 %; and C—the last 50 % of dollars usage, respectively. (5) Tag the inventory with its
appropriate ABC classification and record those classifications in the item inventory master records.
abnormal spoilage, n—for government accounting under the FAR, abnormal spoilage may or may not be allowable cost. If the
cost is deemed allowable, the cost would normally be charged consistently with normal spoilage.
accelerated cost recovery system (ACRS), n—system of depreciation for tax purposes mandated by the Economic Recovery Act
(ERA) of 1981 and modified by the Tax Reform Act of 1986. The type of property determines its class. Instead of providing
statutory tables, prescribed methods of depreciation are assigned to each class of property. For 3, 5, 7, and 10-year classed, the
relevant depreciation method is the 200 % declining balance method. For 15 and 20-year property, the appropriate method is the
150 % declining balance method switching to the straight-line method when it will yield a larger allowance. For residential rental
property (27.5 years) and nonresidential real property (31.5 years), the applicable method is the straight-line method. A taxpayer
may make an irrevocable election to treat all property in one of the classes under the straight-line method. Property is statutorily
placed in one of the classes. The purpose of ACRS is to encourage more capital investment by businesses. It permits a faster
recovery of the asset’s cost and thus provides larger tax benefits in the earlier years. See also modified accelerated cost recovery
systems (MACRS).
accelerated depreciation, n—any method of calculating depreciation charges where the charges become progressively smaller
each period
accessory item, n—an item that facilitates or enhances the operation of equipment but is not essential for its basic operation.
accountability, n—individual or departmental responsibility to perform a certain function. Accountability may be dictated or
implied by law, regulation, or agreement. For example, an auditor will be held accountable to financial statement users relying
on the audited financial statements for failure to uncover corporate fraud because of negligence in applying generally accepted
auditing standards (GAAS).
accounting change, n—change in: (1) accounting principles (such as a new depreciation method); (2) accounting estimates (such
as a revised projection of doubtful accounts receivable); or (3) the reporting entity (such as a merger of companies). When an
accounting change is made, appropriate footnote disclosure is required to explain its justification and financial effect, thereby
enabling readers to make appropriate investment and credit judgments. Proper justification for a change in accounting principles
may be the issuance of a new FASB pronouncement, SEC Accounting Series Release (ASR), or IRS regulation. Changes in
estimates are justified by changing circumstances such as a greater degree of wear and tear of a fixed asset than originally
anticipated. Generally, the consistent use of accounting principles and procedures is essential in appraising and entity’s activities
and in the projection of future results; however, changes in the reporting entity have to be retroactively reflected for comparative
purposes.
accretion, n—increase in economic worth through physical change, usually said of a natural resource such as an orchard, caused
by natural growth. Contrast with appreciation.
Available from International Federation of Accountants (IFAC), 529 5th Avenue, New York, NY 10017, http://www.ifac.org.
Available from Office of Management and Budget (OMB), 725 17th Street, NW, Washington, DC 20503, http://www.whitehouse.gov/omb.
´1
E2135 − 10a (2017)
accumulated depreciation, n—sum of depreciation charges taken to date on a fixed asset. Accumulated depreciation is a contra
account to the fixed asset to arrive at book value. For example, on 1/1/2000 an auto is bought costing $10 000, with a salvage
value of $1000 and a life of 10 years. Using straight-line depreciation, the accumulated depreciation on 12/31/2003 would be
$3600 ($900 × 4).
acquired property, n—property under the possession or control of an entity that is not deemed “furnished property” and was
acquired for business operation purposes. E3015
acquisition, n—hardware, supplies or services through purchase, lease, or other means, including transfer or fabrication, whether
the supplies or services are already in existence or must be created, developed, demonstrated, and evaluated. E2607
activity-based depreciation, n—production method of depreciation.
actual cash value, n—the cost of replacing damaged property with other property of like kind and quality in the physical condition
of the property immediately before the damage.
actual cost, n—an amount determined on the basis of cost incurred including standard cost properly adjusted for applicable
variance.
adjusted basis, n—the basis used to compute gain or loss on disposition of an asset for tax purposes. Also, see book value.
administratively controlled property, n—the property assets that are controlled at the discretion of asset managers managing the
inventories of individual operational units. E2221
ad valorem tax—levy imposed on the value of property. The most common ad valorem tax is that imposed by states, counties,
and cities on real estate. Ad valorem taxes can, however, be imposed on personal property.
agency-peculiar property, n—as used in DoD, means military property and includes end items and integral components of
military weapons systems, along with the related peculiar support equipment which is not readily available as a commercial item.
allocate, v—to assign an item of cost, or a group of items of cost, to one or more cost objectives. This term includes both direct
assignment of cost and the reassignment of a share from an indirect cost pool.
amortization, n—gradual reduction of an amount over time. Examples are amortized expenses on intangible assets and deferred
charges. Assets with limited life have to be written down over the period benefited. For example, all intangible assets must be
amortized using the straight-line method not exceeding 40 years; the amortization entry in that case is to debit amortization
expense and credit the intangible asset.
amortization, n—the gradual extinguishment of any amount over a period of time through a systematic allocation of the amount
over a number of consecutive accounting periods such as the retirement of a debt by serial payments to a sinking fund.
amortization, n—normally applies to intangibles whereas depreciation applies to tangible assets.
amortize, v—to write off a regular portion of an asset’s cost over a fixed period of time. Examples are amortization expense on
an intangible asset and depletion expense on a natural resource. See also sales return.
analytical hierarchy process (AHP), n—decision-making model that reduces complex decisions to one on one comparisons
resulting in the ranking of a list of objectives or alternatives. E2495
appraisal, n—the process of obtaining a valuation for an asset or liability that involves expert opinion rather than explicit market
transaction.
appraisal method of depreciation, n—the periodic depreciation charge is the difference between the beginning and end-of-period
appraised value of the asset if that difference is positive. If negative, there is no charge. Not generally accepted.
appreciation, n—increase in the value of an asset. The asset may be real estate or a security. For example, an individual sold 100
shares of XYZ company’s stock for $105 per share that he bought 10 years ago for $25 per share. The amount of appreciation
was $8000 = ($105 − $25) × 100 shares.
assembly, n—a number of parts or subassemblies joined together.
assessed valuation, n—a dollar amount for real estate or other property used by a government as a basis for levying taxes. The
amount may or may not bear some relation to market value.
assessed value, n—value established by a government for real estate or other property as a basis for levying taxes. For example,
an individual receives a statement that, in the judgment of the local tax assessor, the individual’s property is worth $50 000. If
by law, properties in this jurisdiction are assessed at 80 % of market value, the individual’s assessed value then is $40 000 (80 %
of $50 000) and property taxes will be based on this assessed value.
´1
E2135 − 10a (2017)
asset, n—(1) anything owned having monetary value; (2) tangible or intangible items owned by an entity that have probable
economic benefits that can be obtained or controlled by the entity.
asset accountability unit, n—a tangible capital asset which is a component of plant and equipment that is capitalized when
acquired or whose replacement is capitalized when the unit is removed, transferred, sold, abandoned, demolish
...
Questions, Comments and Discussion
Ask us and Technical Secretary will try to provide an answer. You can facilitate discussion about the standard in here.