Technical Specification
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SA TS ISO 55010:2020
[Superseded]Asset management - Guidance on the alignment of financial and non-financial functions in asset management
The objective of this Technical Specification is to give guidelines for the alignment between financial and non-financial asset management functions, in order to improve internal control as part of an organization’s management system. Alignment of these functions will enable the realization of value derived from the implementation of asset management detailed within AS ISO 55000, AS ISO 55001 and AS ISO 55002.
Published: 31/01/2020
Pages: 40
Table of contents
Cited references
Content history
Table of contents
Header
About this publication
Preface
Foreword
Introduction
1 Scope
2 Normative references
3 Terms and definitions
4 Why alignment between financial and non-financial functions is important
4.1 General
4.2 Benefits of alignment
5 Enablers for alignment
5.1 General
5.2 Processes, leadership and governance
5.2.1 Processes
5.2.2 Leadership
5.2.3 Governance
5.3 Policy, strategy, data and information
5.3.1 Asset management policy support
5.3.2 Strategic asset management plan support
5.3.3 Data and information
5.4 Non-financial functions in asset management
5.5 Terminology for financial and non-financial alignment
6 How to achieve system alignment
6.1 General
6.2 Information systems
6.3 Data management
7 How to achieve asset-register-related alignment
7.1 General
7.2 Financial asset registers
7.3 Non-financial asset registers
7.4 Asset register alignment
8 Financial planning for asset management
8.1 General
8.2 Capital investment planning
8.3 Long-term financial planning
8.4 Budgeting
9 Performance management
9.1 General
9.2 Performance measurement
9.3 Performance reporting
9.4 Financial reporting in asset management
Annex A
Annex B
B.1 General
B.2 Long-term financial planning process steps
B.2.1 General
B.2.2 Mobilization phase
B.2.3 Decision phase
B.2.4 Execution phase
Annex C
C.1 Examples of financial reporting
C.2 External financial reporting principles for assets
Annex D
D.1 General
D.2 Financial asset register
D.3 Valuation/revaluation
D.4 Valuation techniques
D.5 Depreciation
D.6 Impairment
D.7 Useful life/remaining useful life
D.8 Residual value
Annex E
E.1 General
E.2 Concept phase (defining the requirements)
E.3 Planning and design
E.4 Asset creation (construction/acquisition)
E.5 Operation and maintenance
E.5.1 General
E.5.2 Operation
E.5.3 Maintenance
E.6 Asset monitoring
E.7 Rehabilitation and refurbishment
E.8 Disposal
Annex F
F.1 General
F.2 Problem statement
F.3 Asset management business case
F.4 Key points from the organization's policy for asset management
F.4.1 Approach to alignment
F.4.2 Internal controls
F.4.3 Focus
F.4.4 Leadership to drive alignment
F.4.5 Senior Executive (Asset Management) responsibilities
F.4.6 Risk and Capital Committee
Annex G
Bibliography
Cited references in this standard