Guidance on the alignment of financial and non-financial functions in asset management
This Technical Specification is a guideline enabling organizations to better understand why and how alignment between financial and non-financial functions is important in realizing value from assets.
Multi-functional and multidisciplinary
Asset Management is a function not exclusive to any one part of the organization but should be seen as multi-functional and multidisciplinary. Aligned financial planning, accounting, decision making and reporting are crucial aspects of effective asset management. Conversely asset management has major impacts on financial planning, decision making and reporting. Successful achievement of organizational objectives requires close coordination and alignment between the asset management, finance and accounting functions.
Effective and efficient interactions
This Technical Specification provides advice on how organizations can achieve effective and efficient interaction between asset management, finance and accounting functions, which will generally result in improved internal controls, more transparent and complete and timely reporting, commonly agreed taxonomy relating to assets, a more efficient measurement of key performance indicators and enhanced availability and accuracy of information for decision makers. These improvements will without a doubt contribute to the achievement of the organization’s strategic objectives.