ISO 55000 Standard for Asset Management

Assets, and value realized from them, are the basis for any organisation delivering what it aims to do. Whether public or private sector, and whether the assets are physical, financial, human or โintangibleโ, it is good asset management that maximizes value-for-money and satisfaction of stakeholdersโ expectations. It involves the coordinated and optimized planning, asset selection, acquisition/development, utilization, care (maintenance) and ultimate disposal or renewal of the appropriate assets and asset systems. Insights into the integration and optimization of asset management have developed since the 1990s (from the North Sea oil and gas industry and the Australian public sector), to identify a range of essential business processes, alignment activities, and system integration features that yield very significant performance benefits.
Understanding the Relationship: Asset Management to Asset Performance Management

ISO55000 defines asset management as systematic and coordinated activities and practices through which an organization optimally and sustainably manages its assets and asset systems and their associated performance, risks, and expenditures over their life cycles for the purpose of achieving its organizational strategic plan.
New: ISO/TS 55010 just released!

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.