The professional body for whole life management of physical assets

IAM: The Institute of Asset Management
August 2011

Amazingly, it is already nearly time for the next full international meeting of the ISO project, a formal meeting of PC251 in Washington DC in October (see below for an opportunity to get involved).

It is evident from your communications that many countries have been involving people in preparing their contributions and comments for this and the UK Mirror Committee has its last meeting on 5th September to finalise our own input.  

It is very exciting to see the growing interest worldwide in our young discipline.  Keep spreading the word!



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Supporting the ISO Meeting

As you no doubt are aware, the US TAG (Technical Advisory Group) to ISO/PC 251 is hosting the next ISO meeting in Arlington, VA, and they desire to both publicize the meeting and present the opportunity to others to help sponsor the meeting.

If you are interested, whether or not you are an American citizen or resident in the USA, please have a look at their Invitation Letter.

'Fair Value' Accounting

Although some countries, in particular Australia, already have solid experience of 'Fair Value' accounting and valuation methods this is relatively new in the UK but is starting to be both relevant and urgent in other parts of the world too.

In order for a Government to satisfy their accounting obligations they now need to prepare Whole of Government accounts in accordance with the International Financial Reporting Standards (IFRS).  Arguably this will become the natural way for all kinds of organisations to approach these activities and arguably this is a better fit with the concept of asset management as we understand it.

Accounting Practices will be one of the next streams of work undertaken by the IAM and I hope we can quickly get to a point of helping Members and others with practical guidance.  meanwhile, Members in the UK can take advantage of some free places at some autumn workshops run by one of our Corporate Members.

We will add more material soon, but you may like to read some Audit Commission and other items available to download here.

Dates for your Diary

20 Sept 2011  - How can systems engineers and asset managers work together better? University of Birmingham Centre for Railway Research and Education, UK

30 Nov - 1 Dec 2011  - The Asset Management Conference 2011 London: Savoy Place

30 Nov 2011  - IAM Annual Lecture & Dinner 2011 London: Savoy Place


and finally...

If this is your summer season, I hope that you will manage to have a refreshing and relaxing holiday at some point before the pace of life speeds up again :-)


David McKeown
Chief Executive

Index to Contents
Supporting the ISO Meeting
'Fair Value' Accounting
Dates for your Diary
and finally...

Membership Certificates available now

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'The Institute of Asset Management Ltd' is registered in England No. 5056259. Registered Office: Woodlands Grange, Woodlands Lane, Bradley Stoke, Bristol, BS32 4JY
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