ISO/TS 55010 - Guidance on alignment of asset management, finance and accounting

This Technical Specification provides guidance on the alignment between the asset management functions, finance and accounting functions within an organization.

Asset Management is a function not exclusive to any one part of the organization but should be seen as multi-functional and multidisciplinary. Aligned financial planning, accounting, decision making and reporting are crucial aspects of effective asset management. Conversely asset management has major impacts on financial planning, decision making and reporting. Successful achievement of organizational objectives requires close coordination and alignment between the asset management, finance and accounting functions.

This Technical Specification will provide advice on how organizations can achieve effective and efficient interaction between asset management, finance and accounting functions, which will generally result in improved internal controls, more transparent and complete and timely reporting, commonly agreed taxonomy relating to assets, a more efficient measurement of key performance indicators and enhanced availability and accuracy of information for decision makers.  These improvements will without a doubt contribute to the achievement of the organization’s strategic objectives.

See ISO/TS 55010.