ASTM E2132-17

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

SIGNIFICANCE AND USE
4.1 Inventory verification is conducted to accomplish one or more of the following:  
4.1.1 Assess the accuracy of asset records,  
4.1.2 Validate or update asset records, or both,  
4.1.3 Assess asset loss experience,  
4.1.4 Identify process inconsistencies, and  
4.1.5 Provide the status of the verified assets for reporting purposes.  
4.2 A properly conducted inventory verification provides data that may be used to report, at a minimum, that quantity on record equal quantities on hand.  
4.2.1 Identifying shortages is critical for assessing the entity’s asset management system.  
4.3 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.  
4.4 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.  
4.5 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.  
4.6 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: Published
• Publication Date: 31-Dec-2016
• ICS: 13.120 - Domestic safety
• Technical Committee: E53 - Asset Management
• Drafting Committee: E53.01 - Process Management

Relations

• Refers: ASTM E2499-18 - Standard Practice for Classification of Asset Location Information
• Effective Date: 01-Jul-2018
• Refers: ASTM E2135-10a(2017) - Standard Terminology for Property and Asset Management
• Effective Date: 01-May-2017
• Refers: ASTM E2608-20 - Standard Practice for Equipment Control Matrix (ECM)
• Effective Date: 01-Jul-2020
• Referred By: ASTM E3298-21 - Standard Practice for Inventory by Exception (IBE)
• Effective Date: 01-Jan-2017
• Referred By: ASTM E2131-16(2022) - Standard Practice for Addressing and Reporting Losses of Tangible Property
• Effective Date: 01-Jan-2017
• Referred By: ASTM E2452-12(2019) - Standard Practice for Equipment Management Process Maturity (EMPM) Model
• Effective Date: 01-Jan-2017
• Referred By: ASTM E2279-20 - Standard Practice for Establishing the Guiding Principles of Property Asset Management
• Effective Date: 01-Jan-2017
• Referred By: ASTM E2675-22 - Standard Practice for Asset Management System Outcomes
• Effective Date: 01-Jan-2017
• Referred By: ASTM E2811-17 - Standard Practice for Management of Low Risk Property (LRP)
• Effective Date: 01-Jan-2017
• Referred By: ASTM E2676-09(2020) - Standard Practice for Tangible Property Mobility Index (MI)
• Effective Date: 01-Jan-2017
• Referred By: ASTM E2135-22 - Standard Terminology for Property and Asset Management
• Effective Date: 01-Jan-2017

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: E2132 −17
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 3.1.2 independent data source, n—information that is au-
tonomous from the official record.
1.1 This practice addresses inventory verification which
includes either physically or electronically confirming the 3.1.3 inventory verification, n—physically or electronically
existence, location, and quantity of assets.
confirming the existence and location of an asset or group of
assets.
1.2 Inventory verification is a key element in the asset
management process.
3.1.4 overage, n—assets that are located during the inven-
tory verification that were not previously recorded.
1.3 The appropriate level to track assets is best expressed in
Practices E2499 and E2608. Different types of assets may be
3.1.5 reconciliation, n—the process of comparing the assets
managed or tracked at different levels of control, as noted in and associated data collected during the inventory verification
Practice E2608. The location specificity required for an inven-
against the entity’s assets record information.
tory verification should match the location specificity required
3.1.5.1 Discussion—The reconciliation serves to verify ex-
by the entity’s asset management procedures or other control-
istence of assets contained in the official records and the
ling command media.
accuracy of the data maintained on the records, with corrective
action taken as necessary.
1.4 Inventory verification requires proper planning and
execution. Depending on the type and scope, the inventory
3.1.6 shortage, n—assets that are not located during the
verification can involve significant dedication of resources.
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
4. Significance and Use
dedication of resources.
4.1 Inventory verification is conducted to accomplish one or
more of the following:
2. Referenced Documents
4.1.1 Assess the accuracy of asset records,
2.1 ASTM Standards:
4.1.2 Validate or update asset records, or both,
E2131 Practice for Addressing and Reporting Losses of
4.1.3 Assess asset loss experience,
Tangible Property
4.1.4 Identify process inconsistencies, and
E2135 Terminology for Property and Asset Management
4.1.5 Provide the status of the verified assets for reporting
E2499 Practice for Classification ofAsset Physical Location
purposes.
Information
E2604 Practice for Data Characteristics of Equipment Asset
4.2 A properly conducted inventory verification provides
Record
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.
4.2.1 Identifying shortages is critical for assessing the
3. Terminology
entity’s asset management system.
3.1 Definitions—For definitions relating to property and
4.3 During the inventory verification, record deficiencies,
asset management, refer to Terminology E2135.
such as incorrect locations or other descriptive information that
3.1.1 independence, n—free from conflict of interest.
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 Jan. 1, 2017. Published February 2017. Originally
created upon identification of these assets to ensure asset
approved in 2001. Last previous edition approved in 2011 as E2132 – 11. DOI:
10.1520/E2132-17. accountability.
Copyright © ASTM International, 100 Barr Harbor Drive, PO Box C700, West Conshohocken, PA 19428-2959. United States
1

---------------------- Page: 1 ----------------------
E2132 − 17
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
...

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 − 11 E2132 − 17
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
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. Referenced Documents
2.1 ASTM Standards:
E2131 Practice for Addressing and Reporting Losses 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 Asset Record
E2608 Practice for Equipment Control Matrix (ECM)
2
E2674 Practice for Assessment of Impact of Mobile Data Storage Device (MDSD) Loss (Withdrawn 2015)
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.
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 comparing the assets and associated data collected during the inventory verification
against the entity’s assets record information.
1
This practice is under the jurisdiction of ASTM Committee E53 on Asset Management and is the direct responsibility of E53.01 on Process Management.
Current edition approved Dec. 1, 2011Jan. 1, 2017. Published January 2012February 2017. Originally approved in 2001. Last previous edition approved in 20072011 as
E2132 – 01 (2007).E2132 – 11. DOI: 10.1520/E2132-11. 10.1520/E2132-17.
3.1.5.1 Discussion—
The reconciliation serves to verify existence of assets contained in the official records and the accuracy of the data maintained on
the records, with corrective action taken as necessary.
3.1.6 shortage, n—assets that are not located during the inventory verification that were previously recorded.
Copyright © ASTM International, 100 Barr Harbor Drive, PO Box C700, West Conshohocken, PA 19428-2959. United States
1

---------------------- Page: 1 ----------------------
E2132 − 17
4. Significance and Use
4.1 Inventory verification is conducted to accomplish one or more of the following:
4.1.1 Assess the accuracy of asset records,
4.1.2 Update Validate or update asset records, or both,
4.1.3 Assess asset loss experience,
4.1.4 Identify process inconsistencies, and
4.1.5 Provide the status of the verified assets for reporting purposes.
4.2 A properly conducted inventory verification provides data that may be used to report, at a minimum, that quantity on record
equal quantities on hand.
4.2.1 Identifying shortages is critical for assessing the entity’sentity’s asset management system.
4.3 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.
4.4 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.
4.5 Inventory verification serves as a deterrent to loss, theft, damage, and misuse so
...