The framework aims to provide a consistent reporting mechanism for all local government authorities and a clearer picture for State and Territory governments of the asset planning and management "health" of local governments.
It lists seven framework elements
- development of an asset management policy
- strategy and planning
- governance and management arrangements
- defining levels of service
- data and systems
- skill and processes
On 8 May 2009 the LGPMC agreed to enhance the nationally consistent frameworks on local government asset and financial management frameworks to assist councils improve their asset and financial management and planning. They also committed to the acceleration of the implementation of the frameworks. (Presumably the Local Government Reform Fund is the monetary embodiment of this commitment.)
The Queensland Government's Annual Return on the Status of Asset Management is an example of a state's implementation of the framework.