Asset life
Asset Management – an anatomy, Version 4, published by The Institute of Asset Management in July 2024, defines an asset as an: ‘Item, thing or entity that has potential or actual value to an organization.’
It defines asset life as the: ‘period from asset ideation to asset end-of-life.’
Notes:
(1) “Useful life” is the period over which an asset is capable of fulfilling a purpose to an entity.
(2) Asset life can differ from the period the organization holds responsibility for the asset.
(3) End-of-life is when the asset can no longer cause any residual obligations.
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