A best practice is a method or technique that has consistently shown results superior to those achieved with other means, and that is used as a benchmark.
National Asset Management Assessment Framework
The National Asset Management Assessment Framework refers to best practice a number of times, listing the following measures:
Staff are trained in best practice operating and maintenance procedures and activities.
In relation to the financial reporting framework in the Annual Report, the Annual Report addresses the following issues in accordance with relevant state policies, Australian Accounting Standards and other best practice guidelines:
a. Asset valuations and revaluationsb. Asset acquisitions including capitalisation policyc. Asset disposals
There are documented Asset Management Plans for all material asset groups in a consistent format in accordance with industry best practice (E.g. Appendix A of the International Infrastructure Management Manual (IIMM)) available to all relevant staff across the organisation.