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ASTM Property Management Standard clarifies use of terminology.

Press Release Summary:

February 16, 2011 - Movement, shipment, and transfer are all words that are commonly used by entities that deal with tangible property. To ensure that these words are being used and understood by all parties involved, ASTM International Committee E53 on Property Management Systems has approved a new standard, ASTM E2671, Practice for Defining Movements, Shipments and Transfers of Tangible Property. Standard was written to be useful and easy to understand by laymen.

ASTM International - West Conshohocken, PA

Original Press Release

New ASTM Property Management Standard Clarifies Use of Terms

Press release date: February 11, 2011

W. CONSHOHOCKEN, Pa., - Movement, shipment and transfer are all words that are commonly used by entities that deal with tangible property. To ensure that these words are being used and understood by all parties involved, ASTM International Committee E53 on Property Management Systems has approved a new standard, ASTM E2671, Practice for Defining Movements, Shipments and Transfers of Tangible Property. ASTM E2671 was developed by Subcommittee E53.01 on Process Management. While ASTM E2671 goes into more detail, it offers the following basic definitions for each of the three terms:
o Movement is the act or process of physically relocating tangible property from one location, internal area or person to another within an entity's site, generally regarded as an on-site location change.
o Shipment is the physical relocation of tangible property from one facility, geographical location, customer or entity, or any combination thereof, to another, and may or may not include a transfer of accountability.
o Transfers of tangible assets typically include a conveyance of right, title, interest or accountability in those assets from one person, organization or entity to another. Cindy Locken, industrial property management specialist, Defense Contract Management Agency, says that ASTM E2671 was written to be useful and easy to understand by the layman. "Any entity that manages or controls tangible property or assets can reference ASTM E2671 in their procedures and plans without having to include all the specific language," says Locken. "Also the standard will lend itself to communicating the definitions and differences to auditors who may review an entity's policy and procedures." To purchase ASTM standards, visit www.astm.org and search by the standard designation number, or contact ASTM Customer Relations (phone: 610-832-9585; service@astm.org). ASTM International welcomes and encourages participation in the development of its standards. For more information on becoming an ASTM member, visit www.astm.org/JOIN. ASTM International is one of the largest international standards development and delivery systems in the world. ASTM International meets the World Trade Organization (WTO) principles for the development of international standards: coherence, consensus, development dimension, effectiveness, impartiality, openness, relevance and transparency. ASTM standards are accepted and used in research and development, product testing, quality systems and commercial transactions. View this release on the ASTM Web site at www.astmnewsroom.org. Technical Contact: Cindy Locken, Defense Contract Management Agency, Carson, Calif., Phone: 310-900-6583; cindy.locken@dcma.mil
ASTM Staff Contact: Pat Picariello Phone: 610-832-9720; ppicarie@astm.org
ASTM PR Contact: Barbara Schindler, Phone: 610-832-9603; bschindl@astm.org www.astm.org

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