ISO TS 55010-2024 PDF

Full title and description

ISO/TS 55010:2024 — Asset management — Guidance on the alignment of financial and non‑financial functions in asset management. This technical specification provides guidance to help organizations align financial processes (accounting, budgeting, valuation and reporting) with non‑financial asset management functions (operations, maintenance, engineering, planning and risk management) so that asset‑related decisions better support value realization and internal control.

Abstract

This document gives guidance on the alignment between financial and non‑financial asset management functions to improve internal controls as part of an organization’s management system. It is intended to be applicable to all types of assets and to organizations of all sizes and sectors, and is consistent with the requirements of ISO 55001 without adding new requirements.

General information

• Status: Published (Technical Specification).
• Publication date: July 2024 (published 08 July 2024 by ISO).
• Publisher: International Organization for Standardization (ISO).
• ICS / categories: 03.100.01 (Organization of enterprise and management).
• Edition / version: Edition 2 (2024).
• Number of pages: 58 (ISO edition lists 58 pages; some distributors show small variations in page counts depending on formatting).

Key bibliographic and lifecycle metadata from the ISO record and published edition are reflected above.

Scope

The specification provides guidance for aligning financial (e.g., accounting, valuation, budgeting, procurement, tax, and reporting) and non‑financial functions (e.g., asset planning, operations, maintenance, engineering, reliability and risk) involved in asset management. Its scope covers all asset types and all organization sizes and sectors, focusing on improving internal controls, information flows and decision‑making so asset decisions deliver value in line with organizational objectives. The guidance is consistent with ISO 55001 requirements and is not intended to impose new requirements beyond that standard.

Key topics and requirements

• Principles and rationale for aligning financial and non‑financial asset management functions.
• Governance, roles and responsibilities that support integrated financial/non‑financial decision making.
• Information requirements: asset registers, valuation data, condition and performance data, life‑cycle cost information and reconciliations between operational and financial records.
• Processes to support budgeting, valuation, depreciation, impairment and investment decision‑making linked to asset management objectives.
• Internal controls, assurance and audit considerations when integrating financial and non‑financial information.
• Examples and practical considerations for implementing alignment (including illustrative annex material and case‑based guidance consistent with ISO 55002 references).

Typical use and users

This technical specification is used by asset managers, finance and accounting teams, chief financial officers, operations and maintenance managers, internal audit and compliance functions, risk managers, executive leadership, consultants and regulators seeking to improve transparency and control over asset‑related decisions. It is especially relevant where financial reporting, asset valuation, budgeting and operational asset management must be reconciled to support strategic value delivery.

Related standards

Closely related to ISO 55000 (overview and principles), ISO 55001 (requirements for an asset management system) and ISO 55002 (guidance on the application of ISO 55001). Developed by ISO/TC 251 (Asset management). The 2019 edition of ISO/TS 55010 has been withdrawn and replaced by this 2024 edition.

Keywords

asset management; financial alignment; non‑financial functions; internal control; valuation; budgeting; life‑cycle cost; governance; ISO 55001; asset register; performance data; risk; assurance.

FAQ

Q: What is this standard?

A: ISO/TS 55010:2024 is a technical specification providing guidance on aligning financial and non‑financial functions within asset management to improve internal controls and decision‑making.

Q: What does it cover?

A: It covers guidance on governance, information flows, valuation and budgeting practices, reconciliation of operational and financial records, internal controls and practical steps to integrate financial and non‑financial asset processes across an organization.

Q: Who typically uses it?

A: Asset managers, finance and accounting professionals, operations and maintenance managers, auditors, risk and compliance teams, senior leadership, consultants and regulators involved in asset decision‑making and reporting.

Q: Is it current or superseded?

A: Current — the 2019 edition was withdrawn and superseded by the 2024 second edition (published July 2024).

Q: Is it part of a series?

A: Yes — it is part of the ISO 55000 family of asset management publications and is intended to be used in conjunction with ISO 55000, ISO 55001 and ISO 55002.

Q: What are the key keywords?

A: Asset management, financial alignment, valuation, budgeting, life‑cycle cost, internal control, governance, ISO 55001.