ASTM E2606-18
(Practice)Standard Practice for Receipt Notification as a Result of Tangible Asset Movement
Standard Practice for Receipt Notification as a Result of Tangible Asset Movement
SIGNIFICANCE AND USE
4.1 It is the intent of these principles to provide guidance for an efficient system to acknowledge custody of tangible assets through certification of receipt.
4.2 These principles allow for enhanced control of tangible asset movement within any organizational structure, including suppliers and alternate locations.
4.3 Use of this practice will provide an auditable document for proof of custody change.
SCOPE
1.1 This practice covers the process of receipt notification as a result of tangible asset movement. This practice provides further guidance in conjunction with Practice E2605.
1.2 The application of this practice should promote accurate visibility of tangible asset location and timely record updates.
1.3 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.
1.4 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.
General Information
- Status
- Published
- Publication Date
- 30-Jun-2018
- Technical Committee
- E53 - Asset Management
- Drafting Committee
- E53.01 - Process Management
Relations
- Effective Date
- 01-May-2017
- Effective Date
- 01-Aug-2013
- Effective Date
- 15-Oct-2010
- Effective Date
- 15-Oct-2010
- Effective Date
- 15-Oct-2010
- Effective Date
- 01-Jul-2010
- Effective Date
- 15-Feb-2008
- Effective Date
- 15-Jun-2007
- Effective Date
- 15-Jun-2007
- Effective Date
- 15-Feb-2006
- Effective Date
- 01-Sep-2004
- Effective Date
- 10-Aug-2002
- Effective Date
- 10-Feb-2001
Overview
ASTM E2606-18: Standard Practice for Receipt Notification as a Result of Tangible Asset Movement establishes a systematic approach to acknowledge the custody and transfer of tangible assets within and between organizations. This ASTM standard provides essential guidance for creating efficient asset management processes, ensuring traceability and control through documented receipt notifications. The standard is designed to enhance visibility and accuracy of asset locations, improve accountability, and create auditable records of custody changes.
Key Topics
Receipt Notification Process
Defines the procedures and requirements for documenting and certifying the receipt of tangible assets through either electronic or hardcopy movement documents.Efficient Custody Transfer
Promotes the prompt and accurate recognition of asset custody changes, facilitating smooth logistics and supply chain management.Asset Control System Updates
Ensures timely updates to asset tracking systems following receipt notification, supporting real-time location visibility and inventory control.Standardized Documentation
Mandates the use of auditable movement documents, signed or electronically verified by asset custodians to certify asset transfer and support compliance.Roles and Responsibilities
Clarifies the obligations of asset custodians and asset management teams in acknowledging, documenting, and updating records regarding asset movements.Applicability to Supply Chains
Recommends including receipt notification procedures in supplier purchase orders for seamless asset custody transitions between organizations and their vendors.
Applications
Implementing ASTM E2606-18 brings significant benefits to organizations seeking greater control and transparency over their physical assets. Key applications include:
Asset Tracking and Inventory Management
Enhances accuracy in asset location and status, reducing misplacement and loss.Internal Audits and Compliance
Provides an auditable trail for custody changes, supporting internal controls and meeting regulatory or compliance requirements.Supply Chain Operations
Facilitates clear transfer of accountability between suppliers, alternate locations, and internal stakeholders, streamlining logistics and procurement processes.Risk Management and Loss Prevention
Reduces the risk of asset mismanagement by ensuring every movement is verified and documented by responsible parties.Digital Transformation
Supports implementation of electronic document verification systems and automated asset management solutions.
Related Standards
ASTM E2606-18 works alongside other ASTM asset management standards to create a robust framework for property and asset management:
ASTM E2135
Terminology for Property and Asset Management, offering key definitions used throughout asset management standards.ASTM E2605
Practice for Receiving Assets, which provides complementary guidelines referenced directly within ASTM E2606-18.
Organizations may also benefit from aligning their asset management policies with internationally recognized principles, such as the World Trade Organization guidelines for technical standards and trade barrier minimization.
Keywords: tangible asset management, asset custody, receipt notification, asset movement, ASTM E2606-18, movement document, asset control system, supply chain, asset tracking, audit trail, asset custodian, asset management standard
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Frequently Asked Questions
ASTM E2606-18 is a standard published by ASTM International. Its full title is "Standard Practice for Receipt Notification as a Result of Tangible Asset Movement". This standard covers: SIGNIFICANCE AND USE 4.1 It is the intent of these principles to provide guidance for an efficient system to acknowledge custody of tangible assets through certification of receipt. 4.2 These principles allow for enhanced control of tangible asset movement within any organizational structure, including suppliers and alternate locations. 4.3 Use of this practice will provide an auditable document for proof of custody change. SCOPE 1.1 This practice covers the process of receipt notification as a result of tangible asset movement. This practice provides further guidance in conjunction with Practice E2605. 1.2 The application of this practice should promote accurate visibility of tangible asset location and timely record updates. 1.3 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. 1.4 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.
SIGNIFICANCE AND USE 4.1 It is the intent of these principles to provide guidance for an efficient system to acknowledge custody of tangible assets through certification of receipt. 4.2 These principles allow for enhanced control of tangible asset movement within any organizational structure, including suppliers and alternate locations. 4.3 Use of this practice will provide an auditable document for proof of custody change. SCOPE 1.1 This practice covers the process of receipt notification as a result of tangible asset movement. This practice provides further guidance in conjunction with Practice E2605. 1.2 The application of this practice should promote accurate visibility of tangible asset location and timely record updates. 1.3 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. 1.4 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.
ASTM E2606-18 is classified under the following ICS (International Classification for Standards) categories: 03.060 - Finances. Banking. Monetary systems. Insurance. The ICS classification helps identify the subject area and facilitates finding related standards.
ASTM E2606-18 has the following relationships with other standards: It is inter standard links to ASTM E2135-10a(2017), ASTM E2605-13, ASTM E2135-10ae2, ASTM E2135-10a, ASTM E2135-10ae1, ASTM E2135-10, ASTM E2605-08, ASTM E2135-07, ASTM E2135-07e1, ASTM E2135-06, ASTM E2135-04, ASTM E2135-02, ASTM E2135-01. Understanding these relationships helps ensure you are using the most current and applicable version of the standard.
ASTM E2606-18 is available in PDF format for immediate download after purchase. The document can be added to your cart and obtained through the secure checkout process. Digital delivery ensures instant access to the complete standard document.
Standards Content (Sample)
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.
Designation: E2606 − 18
Standard Practice for
Receipt Notification as a Result of Tangible Asset
Movement
This standard is issued under the fixed designation E2606; the number immediately following the designation indicates the year of
original adoption or, in the case of revision, the year of last revision. A number in parentheses indicates the year of last reapproval. A
superscript epsilon (´) indicates an editorial change since the last revision or reapproval.
1. Scope 3.1.3 notification, v—a documented means of delivering a
message to a specific recipient.
1.1 This practice covers the process of receipt notification as
3.1.4 receiving, v—the process of accepting incoming asset
a result of tangible asset movement. This practice provides
into an entity’s control. It includes verification, identification,
further guidance in conjunction with Practice E2605.
and recording of incoming asset.
1.2 The application of this practice should promote accurate
visibility of tangible asset location and timely record updates.
4. Significance and Use
1.3 This standard does not purport to address all of the
4.1 It is the intent of these principles to provide guidance for
safety concerns, if any, associated with its use. It is the
an efficient system to acknowledge custody of tangible assets
responsibility of the user of this standard to establish appro-
through certification of receipt.
priate safety, health, and environmental practices and deter-
4.2 These principles allow for enhanced control of tangible
mine the applicability of regulatory limitations prior to use.
asset movement within any organizational structure, including
1.4 This international standard was developed in accor-
suppliers and alternate locations.
dance with internationally recognized principles on standard-
ization established in the Decision on Principles for the
4.3 Use of this practice will provide an auditable document
Development of International Standards, Guides and Recom-
for proof of custody change.
mendations issued by the World Trade Organization Technical
5. Procedure
Barriers to Trade (TBT) Committee.
5.1 Upon completion of receiving, the asset custodian shall
2. Referenced Documents
sign and date, or verify electronically, the movement
2.1 ASTM Standards:
document, thereby acknowledging the assets custody change.
E2135 Terminology for Property and Asset Management
The asset custodian shall promptly forward a hardcopy or
E2605 Practice for Receiving Assets
electronic equivalent of the signed movement document to the
originator or Asset Management, or both, or as directed by the
3. Terminology
instructions on the movement document, in the purchase order,
3.1 Definitions—For definitions relating to property and
or other acquisition documentation.
asset managemen
...
This document is not an ASTM standard and is intended only to provide the user of an ASTM standard an indication of what changes have been made to the previous version. Because
it may not be technically possible to adequately depict all changes accurately, ASTM recommends that users consult prior editions as appropriate. In all cases only the current version
of the standard as published by ASTM is to be considered the official document.
Designation: E2606 − 13 E2606 − 18
Standard Practice for
Receipt Notification as a Result of Tangible Asset
Movement
This standard is issued under the fixed designation E2606; the number immediately following the designation indicates the year of
original adoption or, in the case of revision, the year of last revision. A number in parentheses indicates the year of last reapproval. A
superscript epsilon (´) indicates an editorial change since the last revision or reapproval.
1. Scope
1.1 This practice covers the process of receipt notification as a result of tangible asset movement. This practice provides further
guidance in conjunction with Practice E2605.
1.2 The application of this practice should promote accurate visibility of tangible asset location and timely record updates.
1.3 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 safety, health, and healthenvironmental practices and determine the
applicability of regulatory limitations prior to use.
1.4 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.
2. Referenced Documents
2.1 ASTM Standards:
E2135 Terminology for Property and Asset Management
E2605 Practice for Receiving Assets
3. Terminology
3.1 Definitions—For definitions relating to property and asset management, refer to Terminology E2135.
3.1.1 asset custodian, n—an individual or organization accountable for asset.
3.1.2 movement document, n—any document used to move tangible assets, that is, shipping, transfer, or receipt document.
3.1.3 notification, v—a documented means of delivering a message to a specific recipient.
3.1.4 receiving, v—the process of accepting incoming asset into an entity’s control. It includes verification, identification, and
recording of incoming asset.
4. Significance and Use
4.1 It is the intent of these principles to provide guidance for an efficient system to acknowledge custody of tangible assets
through certification of receipt.
4.2 These principles allow for enhanced control of tangible asset movement within any organizational structure, including
suppliers and alternate locations.
4.3 Use of this practice will provide an auditable document for proof of custody change.
5. Procedure
5.1 Upon completion of receiving, the asset custodian shall sign and date, or verify electronically, the movement document,
thereby acknowledging the assets custody change. The asset cust
...
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