ASTM E3257-21
(Practice)Standard Practice for Asset Taxonomy
Standard Practice for Asset Taxonomy
SIGNIFICANCE AND USE
4.1 The intent of these principles is to provide a useful hierarchical arrangement of the breadth of asset types.
4.2 This hierarchy is independent of the legal ownership of the assets under consideration.
4.3 Cost or financial treatment of assets is not relevant to this hierarchy.
4.3.1 Positive and negative value contributions of assets are relevant to mission success.
4.4 Value contribution to the mission success of the organization of the assets is relevant.
4.5 Asset hierarchies or models based on other asset attributes may be useful as well.
4.6 Understanding the breadth of assets allows organizations to give full consideration of the contribution of assets to the mission success of the organization.
4.6.1 As an example, when a trucking company considers its assets, the trucks, trailers, and related equipment are an obvious starting point. Real property used to stage, store, load, unload, maintain, and perform other mission-related tasks follows. Administrative space (real property) and equipment (personal property) supporting the organizational mission are included, regardless of ownership. Management control systems, networks, software, knowledge, and perceptions are non-physical assets contributing value in support of mission objectives. As with all assets discussed in this example, ownership of the assets is an important consideration, but a consideration that is not relevant to understanding all the assets that contribute to mission success. In that light, the public roads and bridges carrying the trucks to their destinations and back are clearly assets essential to mission success. Air and water are essential to operation of the trucking equipment, and to the staff supporting the mission, and therefore are assets of the organization.
4.7 It is likely that many or most organizations have assets from every classification at every level of this hierarchy.
SCOPE
1.1 This practice covers a useful hierarchical arrangement of the breadth of asset types.
1.2 This taxonomy is based on the innate characteristics of the asset, not on the asset's use, cost, owner, or other factors.
1.3 Biological life forms are excluded.
1.4 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.
1.5 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
- 31-Jul-2021
- Technical Committee
- E53 - Asset Management
- Drafting Committee
- E53.05 - Asset Leadership
Relations
- Effective Date
- 01-Jul-2020
- Effective Date
- 01-May-2017
- Effective Date
- 01-Jan-2015
- Effective Date
- 15-Oct-2010
- Effective Date
- 15-Oct-2010
- Effective Date
- 15-Oct-2010
- Effective Date
- 01-Jul-2010
- Refers
ASTM E2279-09 - Standard Practice for Establishing the Guiding Principles of Property Management - Effective Date
- 01-Aug-2009
- Effective Date
- 15-Jun-2007
- Effective Date
- 15-Jun-2007
- Effective Date
- 15-Feb-2006
- Effective Date
- 01-Sep-2004
- Refers
ASTM E2279-03 - Standard Practice for Establishing the Guiding Principles of Property Management - Effective Date
- 10-May-2003
- Effective Date
- 10-Aug-2002
- Effective Date
- 10-Feb-2001
Overview
ASTM E3257-21: Standard Practice for Asset Taxonomy establishes a hierarchical framework for classifying the full breadth of asset types within any organization. Developed by ASTM International, this standard provides a structured asset taxonomy based on the fundamental characteristics of assets rather than their use, cost, ownership, or financial treatment. This approach enables organizations to identify and consider all assets that contribute value towards achieving mission success, making it a foundational reference for strategic asset management.
Key Topics
Comprehensive Asset Hierarchy:
The standard defines a nested five-level hierarchy for asset classification:- Form: The broadest grouping, distinguishing physical from non-physical assets.
- Domain: Subdivides assets within each form (e.g., natural resources, constructed assets, virtual assets, conceptual assets).
- Classification: Further divides each domain into major categories (e.g., land, air, water, software, knowledge).
- Order: Breaks down classifications into more detailed asset groups.
- Family: The most specific level, grouping individual asset types.
Independence from Ownership or Cost:
The taxonomy explicitly disregards legal ownership, financial value, and cost considerations. It focuses solely on the innate attributes of each asset.Inclusion of Non-Physical Assets:
Aside from traditional tangible assets like buildings or equipment, the standard emphasizes the importance of intangible assets such as management systems, knowledge, perceptions, software, and networks.Universal Applicability:
The approach is designed to fit any organization, regardless of industry or sector, ensuring that all assets relevant to mission success are included in asset management strategies.Exclusion of Biological Life:
Biological life forms are specifically excluded from the taxonomy.
Applications
ASTM E3257-21 supports a wide range of practical applications in asset management:
Strategic Asset Management:
Organizations use the taxonomy to gain a holistic understanding of all resources, enhancing investment planning, risk management, and value optimization.Asset Register Development:
The hierarchical structure assists in building comprehensive asset registers, capturing both physical and non-physical assets.Cross-functional Alignment:
By standardizing definitions and classes of assets, the practice improves communication and decision-making across departments-such as operations, finance, and IT.Compliance and Reporting:
The standard helps organizations align with international asset management guidelines and supports transparent reporting for audits or regulatory purposes.Sector Examples:
In transportation, the taxonomy covers trucks and trailers (constructed assets), real estate (natural resource assets), and public infrastructure, as well as non-physical assets like logistics software and staff knowledge.
Related Standards
When applying ASTM E3257-21 - Asset Taxonomy, reference to the following standards is beneficial for comprehensive asset management:
ASTM E2135: Terminology for Property and Asset Management
Provides definitions that support consistent communication and understanding.ASTM E2279: Practice for Establishing the Guiding Principles of Property Asset Management
Offers a framework for the principles underlying effective asset management practices.ISO 55000 Series:
- ISO 55000: Asset Management - Overview, Principles, and Terminology
- ISO 55001: Asset Management - Management Systems - Requirements
These international standards set out requirements and best practices for asset management systems, aligned with the hierarchical approach of ASTM E3257-21.
Summary
ASTM E3257-21 delivers a comprehensive asset taxonomy standard essential for organizations aiming to systematically identify, classify, and manage all relevant assets. By maintaining a focus on asset characteristics rather than ownership or cost, and including both physical and intangible assets, this standard aids in maximizing asset value, supporting mission objectives, and aligning with global asset management best practices.
Keywords: asset taxonomy, asset management, asset hierarchy, asset classification, ASTM E3257, intangible assets, physical assets, organizational value, ISO 55000, strategic asset management
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Frequently Asked Questions
ASTM E3257-21 is a standard published by ASTM International. Its full title is "Standard Practice for Asset Taxonomy". This standard covers: SIGNIFICANCE AND USE 4.1 The intent of these principles is to provide a useful hierarchical arrangement of the breadth of asset types. 4.2 This hierarchy is independent of the legal ownership of the assets under consideration. 4.3 Cost or financial treatment of assets is not relevant to this hierarchy. 4.3.1 Positive and negative value contributions of assets are relevant to mission success. 4.4 Value contribution to the mission success of the organization of the assets is relevant. 4.5 Asset hierarchies or models based on other asset attributes may be useful as well. 4.6 Understanding the breadth of assets allows organizations to give full consideration of the contribution of assets to the mission success of the organization. 4.6.1 As an example, when a trucking company considers its assets, the trucks, trailers, and related equipment are an obvious starting point. Real property used to stage, store, load, unload, maintain, and perform other mission-related tasks follows. Administrative space (real property) and equipment (personal property) supporting the organizational mission are included, regardless of ownership. Management control systems, networks, software, knowledge, and perceptions are non-physical assets contributing value in support of mission objectives. As with all assets discussed in this example, ownership of the assets is an important consideration, but a consideration that is not relevant to understanding all the assets that contribute to mission success. In that light, the public roads and bridges carrying the trucks to their destinations and back are clearly assets essential to mission success. Air and water are essential to operation of the trucking equipment, and to the staff supporting the mission, and therefore are assets of the organization. 4.7 It is likely that many or most organizations have assets from every classification at every level of this hierarchy. SCOPE 1.1 This practice covers a useful hierarchical arrangement of the breadth of asset types. 1.2 This taxonomy is based on the innate characteristics of the asset, not on the asset's use, cost, owner, or other factors. 1.3 Biological life forms are excluded. 1.4 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. 1.5 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 The intent of these principles is to provide a useful hierarchical arrangement of the breadth of asset types. 4.2 This hierarchy is independent of the legal ownership of the assets under consideration. 4.3 Cost or financial treatment of assets is not relevant to this hierarchy. 4.3.1 Positive and negative value contributions of assets are relevant to mission success. 4.4 Value contribution to the mission success of the organization of the assets is relevant. 4.5 Asset hierarchies or models based on other asset attributes may be useful as well. 4.6 Understanding the breadth of assets allows organizations to give full consideration of the contribution of assets to the mission success of the organization. 4.6.1 As an example, when a trucking company considers its assets, the trucks, trailers, and related equipment are an obvious starting point. Real property used to stage, store, load, unload, maintain, and perform other mission-related tasks follows. Administrative space (real property) and equipment (personal property) supporting the organizational mission are included, regardless of ownership. Management control systems, networks, software, knowledge, and perceptions are non-physical assets contributing value in support of mission objectives. As with all assets discussed in this example, ownership of the assets is an important consideration, but a consideration that is not relevant to understanding all the assets that contribute to mission success. In that light, the public roads and bridges carrying the trucks to their destinations and back are clearly assets essential to mission success. Air and water are essential to operation of the trucking equipment, and to the staff supporting the mission, and therefore are assets of the organization. 4.7 It is likely that many or most organizations have assets from every classification at every level of this hierarchy. SCOPE 1.1 This practice covers a useful hierarchical arrangement of the breadth of asset types. 1.2 This taxonomy is based on the innate characteristics of the asset, not on the asset's use, cost, owner, or other factors. 1.3 Biological life forms are excluded. 1.4 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. 1.5 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 E3257-21 is classified under the following ICS (International Classification for Standards) categories: 03.100.01 - Company organization and management in general. The ICS classification helps identify the subject area and facilitates finding related standards.
ASTM E3257-21 has the following relationships with other standards: It is inter standard links to ASTM E2279-20, ASTM E2135-10a(2017), ASTM E2279-15, ASTM E2135-10ae1, ASTM E2135-10ae2, ASTM E2135-10a, ASTM E2135-10, ASTM E2279-09, ASTM E2135-07, ASTM E2135-07e1, ASTM E2135-06, ASTM E2135-04, ASTM E2279-03, ASTM E2135-02, ASTM E2135-01. Understanding these relationships helps ensure you are using the most current and applicable version of the standard.
ASTM E3257-21 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: E3257 − 21
Standard Practice for
Asset Taxonomy
This standard is issued under the fixed designation E3257; 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 3.1.1 air, n—physical, natural resource asset that is the
mixture of invisible odorless tasteless gases (such as nitrogen
1.1 This practice covers a useful hierarchical arrangement
and oxygen) that surrounds the earth.
of the breadth of asset types.
3.1.2 asset, n—item, thing, or entity that has potential or
1.2 This taxonomy is based on the innate characteristics of
actual value to an organization. (ISO 55000)
the asset, not on the asset’s use, cost, owner, or other factors.
3.1.3 asset taxonomy, n—the practice and science of classi-
1.3 Biological life forms are excluded.
fication of assets, including the principles that underlie such
1.4 This standard does not purport to address all of the
classification.
safety concerns, if any, associated with its use. It is the
3.1.4 classification, n—thethirdleveloftheassettaxonomy,
responsibility of the user of this standard to establish appro-
it includes major subdivisions of the domain level.
priate safety, health, and environmental practices and deter-
mine the applicability of regulatory limitations prior to use.
3.1.5 conceptual assets, n—non-physical assets pertaining
1.5 This international standard was developed in accor-
to concepts or to the forming of concepts, including manage-
dance with internationally recognized principles on standard-
ment control systems, perceptions, and knowledge.
ization established in the Decision on Principles for the
3.1.6 constructed assets, n—physical assets that exist as a
Development of International Standards, Guides and Recom-
result of actions of humankind.
mendations issued by the World Trade Organization Technical
3.1.7 data, n—virtual assets consisting of factual informa-
Barriers to Trade (TBT) Committee.
tion (such as measurements or statistics) used as a basis for
2. Referenced Documents
reasoning, discussion, or calculation.
2.1 ASTM Standards:
3.1.8 domain, n—the second level of the asset taxonomy, it
E2135 Terminology for Property and Asset Management
includes major subdivisions of the form level.
E2279 Practice for Establishing the Guiding Principles of
3.1.9 durable assets, n—constructed assets that are able to
Property Asset Management
exist for a long time without significant deterioration in quality
2.2 ISO Standards:
or value.
ISO 55000 Asset management — Overview, principles and
terminology
3.1.10 family, n—the fifth level of the asset taxonomy, it
ISO 55001 Asset management — Management systems —
includes subdivisions of the order level, and may be further
Requirements
subdivided into types.
3.1.11 form, n—the highest level of the asset taxonomy, it
3. Terminology
includes physical assets and non-physical assets.
3.1 Definitions—For definitions relating to property and
3.1.12 infrastructure assets, n—durable assets that are the
asset management, refer to Terminology E2135.
fundamental facilities and systems serving a country, city, or
other area.
This practice is under the jurisdiction of ASTM Committee E53 on Asset
Management and is the direct responsibility of Subcommittee E53.05 on Asset
3.1.13 knowledge, n—conceptual assets that are the fact or
Leadership.
condition of knowing something with familiarity gained
Current edition approved Aug. 1, 2021. Published September 2021. DOI:
through experience or association.
10.1520/E3257-21.
For referenced ASTM standards, visit the ASTM website, www.astm.org, or
3.1.14 land, n—physical, natural resource asset that is any
contact ASTM Customer Service at service@astm.org. For Annual Book of ASTM
part of the earth’s surface not covered by a body of water.
Standards volume information, refer to the standard’s Document Summary page on
the ASTM website.
3.1.15 management and control systems, n—conceptual as-
Available from International Organization for Standardization (ISO), ISO
sets that are tools to aid management for steering an organi-
Central Secretariat, Chemin de Blandonnet 8, CP 401, 1214 Vernier, Geneva,
Switzerland, https://www.iso.org. zation.
Copyright © ASTM International, 100 Barr Harbor Drive, PO Box C700, West Conshohocken, PA 19428-2959. United States
E3257 − 21
3.1.16 moveable assets, n—durable assets that can be unload, maintain, and perform other mission-related tasks
moved from one location to another. follows. Administrative space (real property) and equipment
(personal property) supporting the organizational mission are
3.1.17 natural resource assets, n—physical assets that exist
included, regardless of ownership. Management control
without actions of humankind.
systems, networks, software, knowledge, and perceptions are
3.1.18 networks, n—virtual assets consisting of a system of
non-physical assets contributing value in support of mission
computers and peripherals that are able to communicate with
objectives. As with all assets discussed in this example,
each other.
ownership of the assets is an important consideration, but a
3.1.19 nondurable assets, n—constructed assets that are
consideration that is not relevant to understanding all the assets
able to exist for only a short time before deteriorating.
thatcontributetomissionsuccess.Inthatlight,thepublicroads
and bridges carrying the trucks to their destinations and back
3.1.20 non-physical assets, n—assets not having material
existence. are clearly assets essential to mission success. Air and water
are essential to operation of the trucking equipment, and to the
3.1.21 order, n—the forth level of the asset taxonomy, it
staff supporting the mission, and therefore are assets of the
includes subdivisions of the classification level.
organization.
3.1.22 perceptions,
...
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