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1.1 This practice presents recommendations for data elements that may be included within an asset record.

1.2 This practice names and provides definitions of data characteristics commonly associated with asset record data elements.

1.3 This standard does not purport to address any contractual requirements imposed upon the entity. It is the responsibility of the user of this standard to ensure that all contractual requirements are met.

1.4 This standard does not purport to address all of the safety concerns, if any, associated with its use. It is the responsibility of the user of this standard to establish appropriate safety, health, and environmental practices and determine the applicability of regulatory limitations prior to use.

1.5 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.

5.1 Data elements shall be included in the asset record to provide efficient and effective management of assets.

5.2 Use of this practice will result in greater efficiency in the management of assets including its monitoring, the performance of physical inventories, self-assessments, disposition, etc.