ASTM E2132-11

Standard Practice for Inventory Verification: Electronic and Physical Inventory of Assets

SIGNIFICANCE AND USE
Inventory verification is conducted to accomplish one or more of the following:
Assess the accuracy of asset records,
Update asset records,
Assess asset loss experience,
Identify process inconsistencies, and
Provide the status of the verified assets for reporting purposes.
A properly conducted inventory verification provides data that may be used to report, at a minimum, that quantity on record equal quantities on hand.
Identifying shortages is critical for assessing the entity's asset management system.
During the inventory verification, record deficiencies, such as incorrect locations or other descriptive information that may be identified. These records should be corrected as part of the reconciliation phase.
Assets may be located during the inventory verification process for which a record does not exist. Records should be created upon identification of these assets to ensure asset accountability.
Inventory verification serves as a deterrent to loss, theft, damage, and misuse so those responsible for assets perceive that they will be held accountable for such assets, and will be required to produce proof of existence of those assets on a periodic basis.
An inventory verification may include identification or verification of additional information, such as use, condition, status, serial number confirmation, model confirmation, manufacturer confirmation, assigned user, year of manufacture, etc.
SCOPE
1.1 This practice addresses inventory verification which includes either physically or electronically confirming the existence, location, and quantity of assets.  
1.2 Inventory verification is a key element in the asset management process.
1.3 The appropriate level to track assets is best expressed in Practices E2499 and E2608. Different types of assets may be managed or tracked at different levels of control, as noted in Practice E2608. The location specificity required for an inventory verification should match the location specificity required by the entity’s asset management procedures or other controlling command media.
1.4 Inventory verification requires proper planning and execution. Depending on the type and scope, the inventory verification can involve significant dedication of resources. Entities should ensure that the value earned from an inventory verification is equal to or greater than the costs of the dedication of resources.

General Information

• Status: Historical
• Publication Date: 30-Nov-2011
• ICS: 13.120 - Domestic safety
• Technical Committee: E53 - Asset Management
• Drafting Committee: E53.01 - Process Management

Relations

• Replaces: ASTM E2132-01(2007) - Standard Practice for Physical Inventory of Durable, Moveable Property
• Effective Date: 01-Dec-2011
• Replaced By: ASTM E2132-17 - Standard Practice for Inventory Verification: Electronic and Physical Inventory of Assets
• Effective Date: 01-Jan-2017
• Referred By: ASTM E2279-20 - Standard Practice for Establishing the Guiding Principles of Property Asset Management
• Effective Date: 01-Dec-2011
• Referred By: ASTM E2452-12(2019) - Standard Practice for Equipment Management Process Maturity (EMPM) Model
• Effective Date: 01-Dec-2011
• Referred By: ASTM E2811-17 - Standard Practice for Management of Low Risk Property (LRP)
• Effective Date: 01-Dec-2011
• Referred By: ASTM E2675-22 - Standard Practice for Asset Management System Outcomes
• Effective Date: 01-Dec-2011
• Referred By: ASTM E2676-09(2020) - Standard Practice for Tangible Property Mobility Index (MI)
• Effective Date: 01-Dec-2011
• Referred By: ASTM E2131-16(2022) - Standard Practice for Addressing and Reporting Losses of Tangible Property
• Effective Date: 01-Dec-2011
• Referred By: ASTM E2135-22 - Standard Terminology for Property and Asset Management
• Effective Date: 01-Dec-2011
• Referred By: ASTM E3298-21 - Standard Practice for Inventory by Exception (IBE)
• Effective Date: 01-Dec-2011

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:E2132 −11
Standard Practice for
Inventory Verification: Electronic and Physical Inventory of
1
Assets
This standard is issued under the fixed designation E2132; 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 3.1.1 independence, n—free from conflict of interest.
1.1 This practice addresses inventory verification which 3.1.2 independent data source, n—information that is au-
tonomous from the official record.
includes either physically or electronically confirming the
existence, location, and quantity of assets.
3.1.3 inventory verification, n—physically or electronically
confirming the existence and location of an asset or group of
1.2 Inventory verification is a key element in the asset
assets.
management process.
3.1.4 overage, n—assets that are located during the inven-
1.3 The appropriate level to track assets is best expressed in
tory verification that were not previously recorded.
Practices E2499 and E2608. Different types of assets may be
managed or tracked at different levels of control, as noted in 3.1.5 reconciliation, n—the process of comparing the assets
Practice E2608. The location specificity required for an inven-
and associated data collected during the inventory verification
tory verification should match the location specificity required against the entity’s assets record information.
by the entity’s asset management procedures or other control-
3.1.5.1 Discussion—The reconciliation serves to verify ex-
ling command media. istence of assets contained in the official records and the
accuracy of the data maintained on the records, with corrective
1.4 Inventory verification requires proper planning and
action taken as necessary.
execution. Depending on the type and scope, the inventory
verification can involve significant dedication of resources. 3.1.6 shortage, n—assets that are not located during the
inventory verification that were previously recorded.
Entities should ensure that the value earned from an inventory
verification is equal to or greater than the costs of the
dedication of resources. 4. Significance and Use
4.1 Inventory verification is conducted to accomplish one or
2. Referenced Documents
more of the following:
2.1 ASTM Standards:
4.1.1 Assess the accuracy of asset records,
E2131 PracticeforAddressingandReportingLoss,Damage,
4.1.2 Update asset records,
or Destruction of Tangible Property
4.1.3 Assess asset loss experience,
E2135 Terminology for Property and Asset Management
4.1.4 Identify process inconsistencies, and
E2499 Practice for Classification ofAsset Physical Location
4.1.5 Provide the status of the verified assets for reporting
Information
purposes.
E2604 Practice for Data Characteristics of Equipment Re-
4.2 A properly conducted inventory verification provides
cords
data that may be used to report, at a minimum, that quantity on
E2608 Practice for Equipment Control Matrix (ECM)
record equal quantities on hand.
E2674 Practice for Assessment of Impact of Mobile Data
4.2.1 Identifying shortages is critical for assessing the
Storage Device (MDSD) Loss
entity’s asset management system.
3. Terminology
4.3 During the inventory verification, record deficiencies,
3.1 Definitions—For definitions relating to property and
such as incorrect locations or other descriptive information that
asset management, refer to Terminology E2135.
may be identified. These records should be corrected as part of
the reconciliation phase.
1
This practice is under the jurisdiction of ASTM Committee E53 on Asset
4.4 Assets may be located during the inventory verification
Management and is the direct responsibility of E53.01 on Process Management.
process for which a record does not exist. Records should be
Current edition approved Dec. 1, 2011. Published January 2012. Originally
created upon identification of these assets to ensure asset
approved in 2001. Last previous edition approved in 2007 as E2132 – 01 (2007).
DOI: 10.1520/E2132-11. accountability.
Copyright © ASTM International, 100 Barr Harbor Drive, PO Box C700, West Conshohocken, PA 19428-2959. United States
1

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E2132−11
4.5 Inventory verification serves as a deterrent to loss, theft, recordaccuracyandprocessofassetcontrolandrecordupdates
damage, and misuse so those responsible for assets perceive supporting moves and transfers.
that they will be held accountable for such assets, and will be
All subsequent elements of inventory verification planning
required to produce proof of existence of those assets on a
must accommodate measurement of key results with sufficient
periodic basis.
ac
...

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:E2132–01(Reapproved 2007) Designation: E2132 – 11
Standard Practice for
Physical Inventory of Durable, Moveable PropertyInventory
1
Verification: Electronic and Physical Inventory of Assets
This standard is issued under the fixed designation E2132; 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
1.1This practice covers the physical inventory of durable, moveable property. Physical inventory is a vital part of a property
control system.
1.1 This practice addresses inventory verification which includes either physically or electronically confirming the existence,
location, and quantity of assets.
1.2 Inventory verification is a key element in the asset management process.
1.3 The appropriate level to track assets is best expressed in Practices E2499 and E2608. Different types of assets may be
managed or tracked at different levels of control, as noted in Practice E2608. The location specificity required for an inventory
verification should match the location specificity required by the entity’s asset management procedures or other controlling
command media.
1.4 Inventory verification requires proper planning and execution. Depending on the type and scope, the inventory verification
can involve significant dedication of resources. Entities should ensure that the value earned from an inventory verification is equal
to or greater than the costs of the dedication of resources.
2. Significance and Use Referenced Documents
2.1 Physical Inventory—The primary product of a physical inventory is a report identifying, at a minimum, which items were
locatedandwhichwerenot.Thenumberandvalueofunlocateditemsconstituteanorganization’slossexperience,whichiscritical
for assessing the organization’s property control risk and success. Unlocated items that are capitalized on an organization’s
financial records are generally written off at the close of the inventory (and therefore physical inventories are important to ensuring
that public financial statements are accurate). Physical inventories have several byproducts as well. During the inventory, record
deficiencies, such as incorrect locations or unrecorded property items are identified; these records are corrected as part of the
process. Finally, physical inventory serves as a deterrent to loss, theft, damage, and misuse as those responsible for property
perceivethattheywillbeheldaccountableforitandberequiredtoproduceitonaperiodicbasis.Insummary,physicalinventories
are conducted to accomplish one or more of the following:
2.1.1Assess the accuracy of property records,
2.1.2Update property records,
2.1.3Assess property loss experience,
2.1.4Provide the status of capital items for financial reporting purposes, and
2.1.5Deter misuse, loss, damage, and theft of property.
Physical Inventory ASTM Standards:
E2131 Practice for Addressing and Reporting Loss, Damage, or Destruction of Tangible Property
E2135 Terminology for Property and Asset Management
E2499 Practice for Classification of Asset Physical Location Information
E2604 Practice for Data Characteristics of Equipment Records
E2608 Practice for Equipment Control Matrix (ECM)
E2674 Practice for Assessment of Impact of Mobile Data Storage Device (MDSD) Loss
3. Terminology
3.1 Definitions—For definitions relating to property and asset management, refer to Terminology E2135.
3.1.1 independence, n—free from conflict of interest.
1
This practice is under the jurisdiction of ASTM Committee E53 on Property Management Systems and is the direct responsibility of E53.01 on Process Management.
Current edition approved MayDec. 1, 2007.2011. Published May 2007.January 2012. Originally approved in 2001. Last previous edition approved in 20012007 as
E2132 – 01 (2007). DOI: 10.1520/E2132-01R07.10.1520/E2132-11.
Copyright © ASTM International, 100 Barr Harbor Drive, PO Box C700, West Conshohocken, PA 19428-2959, United States.
1

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E2132 – 11
3.1.2 independent data source, n—information that is autonomous from the official record.
3.1.3 inventory verification, n—physically or electronically confirming the existence and location of an asset or group of assets.
3.1.4 overage, n—assets that are located during the inventory verification that were not previously recorded.
3.1.5 reconciliation, n—the process of compar
...