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Technical
Specification
ISO/TS 55010
Second edition
Asset management — Guidance
2024-07
on the alignment of financial and
non-financial functions in asset
management
Gestion d’actifs — Recommandations relatives à l’alignement des
fonctions financières et non financières dans la gestion d’actifs
Reference number
© ISO 2024
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ii
Contents Page
Foreword .v
Introduction .vi
1 Scope . 1
2 Normative references . 1
3 Terms and definitions . 1
4 Why alignment between financial and non-financial functions is important . 4
4.1 General .4
4.2 Benefits of alignment .6
5 Enablers for alignment . 7
5.1 General .7
5.2 Processes, leadership and governance .7
5.2.1 Processes .7
5.2.2 Leadership.7
5.2.3 Governance .8
5.3 Policy, strategy, data and information .8
5.3.1 Asset management policy support .8
5.3.2 Strategic asset management plan support .8
5.3.3 Data and information .8
5.4 Non-financial functions in asset management .9
5.5 Terminology for financial and non-financial alignment .9
6 How to achieve system alignment . 9
6.1 General .9
6.2 Information systems .10
6.3 Data management .10
7 How to achieve asset-register-related alignment .11
7.1 General .11
7.2 Financial asset registers .11
7.3 Non-financial asset registers .11
7.4 Asset register alignment. 12
8 Financial planning and reporting for asset management .12
8.1 General . 12
8.2 Capital investment planning . 13
8.3 Long-term financial planning.14
8.4 Budgeting .14
8.5 Financial reporting in asset management . 15
9 Performance management . 16
9.1 General .16
9.2 Performance measurement .16
9.3 Performance reporting .17
Annex A (informative) Guidance on capital investment planning .18
Annex B (informative) Guidance on long-term financial planning . 19
Annex C (informative) External financial reporting standards and principles .23
Annex D (informative) Financial accounting functions for financial reporting .26
Annex E (informative) Asset life cycle activities .32
Annex F (informative) Implementation example — Aligning asset management functions .38
Annex G (informative) Cost input to pricing for product or service .42
iii
Annex H (informative) Asset mapping table — Aligning asset management and financial
reporting approaches .43
Annex I (informative) Alignment of asset registers . 47
Annex J (informative) IFRS and US GAAP — Differences in accounting requirements in different
countries .55
Bibliography .57
iv
Foreword
ISO (the International Organization for Standardization) is a worldwide federation of national standards
bodies (ISO member bodies). The work of preparing International Standards is normally carried out through
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The procedures used to develop this document and those intended for its further maintenance are described
in the ISO/IEC Directives, Part 1. In particular, the different approval criteria needed for the different types
of ISO document should be noted. This document was drafted in accordance with the editorial rules of the
ISO/IEC Directives, Part 2 (see www.iso.org/directives).
ISO draws attention to the possibility that the implementation of this document may involve the use of (a)
patent(s). ISO takes no position concerning the evidence, validity or applicability of any claimed patent
rights in respect thereof. As of the date of publication of this document, ISO had not received notice of (a)
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Any trade name used in this document is information given for the convenience of users and does not
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This document was prepared by Technical Committee ISO/TC 251, Asset management.
This second edition cancels and replaces the first edition (ISO/TS 55010:2019), which has been technically
revised.
The main changes are as follows:
— the text has been updated to be aligned with ISO 55001:2024;
— the retitling and revision of Annex E;
— the addition of new Annexes H, I and J.
Any feedback or questions on this document should be directed to the user’s national standards body. A
complete listing of these bodies can be found at www.iso.org/members.html.
v
Introduction
The ISO 55000, ISO 55001 and ISO 55002 asset management standards raise awareness of the importance
of improving alignment between an organization’s financial and non-financial functions, and this document
provides guidance on how to achieve this. Alignment of these functions enabling the realization of value
derived from the implementation of asset management is detailed in ISO 55000, ISO 55001 and ISO 55002,
particularly ISO 55002:2018, Annex F.
The guidance in this document is consistent with the requirements of ISO 55001 for an asset management
system but does not add new requirements to ISO 55001 or provide interpretations of the requirements of
ISO 55001.
For an example of an organization aligning its asset
...