ASTM E2135-04

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.

General Information

• Status: Historical
• Publication Date: 31-Aug-2004
• ICS: 01.040.97 - Domestic and commercial equipment. Entertainment. Sports (Vocabularies)
• Technical Committee: E53 - Asset Management
• Drafting Committee: E53.06 - Terminology

Relations

• Replaces: ASTM E2135-02 - Standard Terminology for Property and Asset Management
• Effective Date: 01-Sep-2004
• Replaced By: ASTM E2135-06 - Standard Terminology for Property and Asset Management
• Effective Date: 15-Feb-2006
• Referred By: ASTM E2607-21 - Standard Practice for Cannibalization/Reclamation of Serviceable Equipment Components to Support Demand Requirements
• Effective Date: 01-Sep-2004
• Referred By: ASTM E2858-12(2020) - Standard Practice for Sales of Personal Property
• Effective Date: 01-Sep-2004
• Referred By: ASTM E2378-19 - Standard Practice for the Recognition of Impaired or Retired Property Assets
• Effective Date: 01-Sep-2004
• Referred By: ASTM E2606-18 - Standard Practice for Receipt Notification as a Result of Tangible Asset Movement
• Effective Date: 01-Sep-2004
• Referred By: ASTM E3221-19 - Standard Guide for Motorized Equipment
• Effective Date: 01-Sep-2004
• Referred By: ASTM E2936-20 - Standard Guide for Contractor Self-Assessment for U.S. Government Asset Management Systems
• Effective Date: 01-Sep-2004
• Referred By: ASTM E3173-18 - Standard Guide for Decommissioning and Disposal of Medical Equipment
• Effective Date: 01-Sep-2004
• Referred By: ASTM E2132-17 - Standard Practice for Inventory Verification: Electronic and Physical Inventory of Assets
• Effective Date: 01-Sep-2004
• Referred By: ASTM E2811-17 - Standard Practice for Management of Low Risk Property (LRP)
• Effective Date: 01-Sep-2004
• Referred By: ASTM E2675-22 - Standard Practice for Asset Management System Outcomes
• Effective Date: 01-Sep-2004
• Referred By: ASTM E2631-20 - Standard Practice for Physical Placement of an Entity-Controlled Supplemental Identification Label
• Effective Date: 01-Sep-2004
• Referred By: ASTM E2306-18 - Standard Guide for Disposal of Personal Property Assets
• Effective Date: 01-Sep-2004
• Referred By: ASTM E2495-18 - Standard Practice for Prioritizing Asset Resources in Acquisition, Utilization, and Disposition
• Effective Date: 01-Sep-2004

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:E2135–04
Standard Terminology for
1
Property and Asset Management
This standard is issued under the fixed designation E 2135; 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 (e) indicates an editorial change since the last revision or reapproval.
1. Scope calibration—the act of standardizing or determining the de-
viation from a standard so as to ascertain the proper
1.1 This terminology covers traditional property manage-
correction factors.
ment definitions and some of the terms introduced in additional
condition code—a symbol that signifies the physical operating
asset management standards that are used most often and
condition of property.
considered most important. As new standards are developed,
consumed—the loss of identity of an item by incorporation
new terms will be added to this terminology in future revisions.
into a higher assembly or through use and ultimate disap-
2. Terminology pearance as a known item or substance.
consumption—(1) the process of incorporating material into
2.1 Terms and Definitions:
an end item or otherwise using it in the performance of a
accessory item—an item that facilitates or enhances the
documented business objective. (2) The measurement of
operation of equipment but is not essential for its basic
actual use of consumable items against planned use.
operation.
corrective maintenance—maintenance required to return
acquisition—(1) the act of acquiring. (2) Acquiring hardware,
property to such condition that it may be effectively utilized
supplies or services through purchase, lease, or other means,
for its designated purpose.
including transfer or fabrication, whether the supplies or
cost effective—among decision alternatives, the one whose
services are already in existence or must be created, devel-
cost is lower than its benefit. The most cost effective
oped, demonstrated, and evaluated.
program would be the one whose cost-benefit ratio is the
assembly—a number of parts or subassemblies joined to-
lowest among various programs competing for a given
gether.
amount of funds.
asset—(1) anything owned having monetary value; (2) tan-
custodial records—memoranda in any form written or elec-
gible or intangible items owned by an entity that have
tronic that documents the life cycle of property.
probable economic benefits that can be obtained or con-
custody—having charge and control; to be in possession of.
trolled by the entity.
defect—condition in which a functional segment, a sample
bench stock—low cost, high usage, non-sensitive consumable
item, or sample item element of a property control system
material issued to work areas. Quantities of such stock do
contains one or more deficiencies.
not normally exceed an amount that would normally be
depreciation—the annual charge to income that results from a
consumed within a 30-day period or as established in the
systematic and rational allocation of costs over the life of a
property control system.
tangible asset.
bill of lading—contract between the shipper and the carrier
direct material—material that may become an integral part or
whereby the carrier agrees to furnish transportation service
used up or expended in making a finished product. Examples
subject to the conditions printed on the reverse side of the
are steel used to make an automobile and the wood to make
bill of lading.
furniture for the production of commercial items. Direct
bill of lading, government (GBL)—a government document
materials are charged to work-in-progress as part of inven-
used to procure freight and cargo transportation and related
tory cost.
services from commercial carriers for the movement of
discrepancies incident to shipment—all deficiencies incident
material at government expense.
to shipment of property to or from an organization’s facility
whereby differences exist between the property purported to
have been shipped and property actually received. Such
1
This terminology is under the jurisdiction of Committee E53 on Property
deficiencies include loss, damage, destruction, improper
Management Systems and is the direct responsibility of Subcommittee E53.02 on
Data Management. status and condition coding, errors in identity or classifica-
Current edition approved Sept. 1, 2004. Published September 2004. Originally
tion, and improper consignment.
approved in 2001. Last previous edition approved in 2001 as E 2135 – 01.
Copyright © ASTM International, 100 Barr Harbor Drive, PO Box C700, West Conshohocken, PA 19428-2959, United States.
1

---------------------- Page: 1 ----------------------
E2135–04
dunnage—lumber or other material used to brace and secure fairvalue—istheamountatwhichtheasset(liability)c
...