ASTM E2453 - 19 - Standard Practice for Determining the Life-Cycle Cost of Ownership of Personal Property

ASTM E2453 - 19

Standard Practice for Determining the Life-Cycle Cost of Ownership of Personal Property

Status : Current   Published : May 2019

Format
PDF

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HARDCOPY



1.1 This practice covers the establishment of a process consensus model for determining the life-cycle cost (LCC) of property assets owned or used by an entity.

1.1.1 For businesses, these property assets are required to seek to achieve financial returns from producing and selling goods or services, or both.

1.1.2 For institutions and agencies, these property assets are required to accomplish their primary mission.

1.2 Real and personal property assets may include capital (fixed) assets and movable assets including customer-supplied assets, rental/leased assets, contract/project direct-purchased assets, or expense items.

1.3 Asset service lives can be divided into three distinct stages, each with several separate yet interrelated substages: acquisition, utilization, and disposition. These primary stages are not intended to be all-encompassing but are offered as the basis for establishing LCC.

1.4 This practice is expected to be primarily used for considering the life-cycle cost of personal property, however, the concept can and should be used for various types of assets including personal, real, tangible, and intangible.

1.5 This practice does not supersede applicable generally accepted accounting principles but is intended to be consistent with the accounting principles particularly in the area of internal controls (see the GAO Green Book) and processes and requirements for estimating. Some life-cycle cost estimating may be required for accounting purposes. (See AS 2501.)

1.6  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 to determine the applicability of regulatory limitations prior to use.

1.7  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.




Standard NumberASTM E2453 - 19
TitleStandard Practice for Determining the Life-Cycle Cost of Ownership of Personal Property
StatusCurrent
Publication Date01 May 2019
Normative References(Required to achieve compliance to this standard)No other standards are normatively referenced
Informative References(Provided for Information)No other standards are informatively referenced
Descriptors utilization, reporting, property, professional judgment, planning activities, personal property, life-cycle costs, internal control, estimate, due care, disposal, conflict of interest, budgetary activities, bias, asset retirement obligation, asset, acquisitions
ICS03.100.10
PublisherASTM
FormatA4
DeliveryYes
Pages4
File Size69 KB
Price£36.00


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