Asset

A resource controlled by a municipality as a result of past events and from which future economic benefits or service potential is expected to flow to the Municipality. GAMAP/GRAP requires a minimum level of detail that separates items that have a difference in Expected Useful Life and are financially material. As a general guide, the scope of asset can be determined by considering the extent that would be associated with any periodic renewal. (Source: DPLG Guidelines for Infrastructure Asset Management in Local Government – 2006-2009).