An Asset Classification Scheme is the way assets are classified within a database.
Typically there will be a number of fields with in a database used for classification purposes, e.g.
There are a number of Asset Data Standards under development, that may eventually give rise to a standard asset classification scheme, but at this point in time there isn't much consistency between councils.
An Asset Classification Scheme should allow asset information to be aggregated in different ways for different purposes. Councils for example are subject to a number of internal & external reporting requirements, and asset information typically needs to be aggregated differently for each report.
Factors that may be used to classify assets include:
- If assets with identical unit replacement costs are grouped together it is very easy to revalue them.