A new Technical Specification to support implementation of good asset management has been published by ISO/TC251.
This guidance document focuses on alignment of financial and non-financial functions in asset management. It will help organisations wishing to further break down silos between financial processes and activities (such as managerial costing and accounting) with other asset management processes and activities involved in managing the life cycle of assets (such as operations and maintenance).
This Technical Specification includes the benefits of alignment to support the case for making change; enablers for alignment to scope the change; and how to achieve alignment to support a plan for change; plus annexes with more detail on the elements mentioned in the “how to” section with examples. The document references internationally recognised good practice such as IFRS (International Financial Reporting Standards) and has been developed with input from experts in both asset management and finance.
Read more here.