Loading...
1.1 This practice focuses on addressing and reporting losses of tangible property.
1.2 Loss occurrences are key aspects of risk management. Projecting the possibility or probability of losses, discovering, disclosing, reporting, managing, and minimizing losses to a reasonable extent is a critical economic factor in the success of the owning or holding entity. This practice also establishes acceptable levels of losses.
1.3 Losses are often discovered as a result of an occurrence, a physical inventory, property custodian or entity self-assessment, or external audit. An actual loss occurrence can be at any time during the property life cycle.
1.4 Assessing and determining financial liability for losses is not addressed in this practice; such assessments are generally subject to individual contracts or other arrangements.
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.
5.1 Losses of property are indicators of the effectiveness of operations. Excessive losses can indicate poor internal management and controls, policy or procedural weaknesses, or lack of compliance, any one of which can have a negative impact on profitability, mission, performance, or reputation.
5.2 Addressing and reporting losses provides indicators of needed potential action by decision makers.
5.3 Though the term equipment is used consistently throughout this practice, this process may be used for the other classes of property, for example, raw material in inventory.
5.4 This practice does not change any requirements that may be imposed through law, regulations, contract terms, and conditions.
Note 1: When this practice is submitted in response to a contract solicitation and evaluated as part of a contract award process, this practice may be deemed a representation.
| SDO | ASTM: ASTM International |
| Document Number | E2131 |
| Publication Date | Aug. 1, 2022 |
| Language | en - English |
| Page Count | 4 |
| Revision Level | 16(2022) |
| Supercedes | |
| Committee | E53.04 |
We're glad to see you again! Please enter your email and password to continue
Need an account?
Register for an account to join our community! Gain access to exclusive content, participate in discussions, and stay updated on the latest news.
Have an account?
Forgot your password? No worries! Please enter your email to reset your password. If your email exists in our system, you will receive a password reset link.
Have an account?
We've sent an email to reset your password if an account with that email exists. Please check your inbox and follow the instructions in the email. If you don't see the email, please check your spam folder.
We have sent a verification email to you. Please check your inbox and follow the instructions in the email to verify your account. If you don't see the email, please check your spam folder.