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Knowledge is of two kinds. We know
a subject ourselves, or we know where
we can find information upon it.
Samuel Johnson
Entities must make informed decisions
about the
assets they control if they are to
be properly accountable for
the physical
and financial performance of those assets.
They cannot
do this effectively if they
do not have ready access to the necessary
information.
Accurate recording, valuation and
reporting procedures
are therefore needed
so that decisions to modify, rehabilitate,
find an alternative use for, or dispose of
an asset can be soundly based. Some
information has to be kept
to meet
statutory requirements, while additional
data should be
kept as part of good asset
management practice.
Comprehensive information about assets
can generate
large amounts of data.
Entities must define their minimum
information
requirements, and implement
an effective information management
strategy to ensure that information needed
(and only that information)
is generated,
and that the necessary controls are
in place.
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