ASTM E2279 - 20 - Standard Practice for Establishing the Guiding Principles of Property Asset Management

ASTM E2279 - 20

Standard Practice for Establishing the Guiding Principles of Property Asset Management

Status : Current   Published : July 2020



1.1 This practice covers the creation of a set of guiding principles that, when adopted, is endorsed by top management to be applied to the practice of property management. These principles will enunciate the objectives and intent of the property (also known as “asset”) management community, stress simplified procedures, promote less rather than more, judgment rather than “ by-the-book” decisions, and encourage the adoption of “best practices.” 1.2 The acceptance of these guiding principles provides the high potential of improved internal controls and governance. It promotes a problem-solving mentality and culture within the property management community, encourages the use of innovative and cost-effective practices, creates greater commonality between government and industry practices, and increases the ability of organizations to respond to changing needs and business conditions. 1.3 This practice adopts the concept that the potential benefits of operating in a manner consistent with a set of standards and guidelines outweigh concerns about the loss of predictability, uniformity, and consistency. 1.4 This practice provides property management standards and guidance that may be used for various types of property including tangible, intangible, personal, and real. 1.5 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. 1.6 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 E2279 - 20
TitleStandard Practice for Establishing the Guiding Principles of Property Asset Management
Publication Date01 July 2020
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 risk management, willfully ignorant, risk, reporting, reasonable detail, property management, professional judgment, property, personal property, operations, materiality, inventory, internal controls, institution, impairment, condone, compliance, company, care and handling, best value, asset, agency, acquisition cost
File Size85 KB

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