1、Designation: E 2132 01 (Reapproved 2007)Standard Practice forPhysical Inventory of Durable, Moveable Property1This standard is issued under the fixed designation E 2132; the number immediately following the designation indicates the year oforiginal adoption or, in the case of revision, the year of l
2、ast revision. A number in parentheses indicates the year of last reapproval. Asuperscript epsilon (e) indicates an editorial change since the last revision or reapproval.1. Scope1.1 This practice covers the physical inventory of durable,moveable property. Physical inventory is a vital part of aprope
3、rty control system.2. Significance and Use2.1 Physical InventoryThe primary product of a physicalinventory is a report identifying, at a minimum, which itemswere located and which were not. The number and value ofunlocated items constitute an organizations loss experience,which is critical for asses
4、sing the organizations propertycontrol risk and success. Unlocated items that are capitalizedon an organizations financial records are generally written offat the close of the inventory (and therefore physical inventoriesare important to ensuring that public financial statements areaccurate). Physic
5、al inventories have several byproducts aswell. During the inventory, record deficiencies, such as incor-rect locations or unrecorded property items are identified; theserecords are corrected as part of the process. Finally, physicalinventory serves as a deterrent to loss, theft, damage, andmisuse as
6、 those responsible for property perceive that they willbe held accountable for it and be required to produce it on aperiodic basis. In summary, physical inventories are conductedto accomplish one or more of the following:2.1.1 Assess the accuracy of property records,2.1.2 Update property records,2.1
7、.3 Assess property loss experience,2.1.4 Provide the status of capital items for financial report-ing purposes, and2.1.5 Deter misuse, loss, damage, and theft of property.Physical Inventory3. Physical Inventory Planning3.1 General:3.1.1 A physical inventory is an assessment or audit. Aneffective phy
8、sical inventory provides information of value thatequals or exceeds the cost of the activity. For the results to bevalid and useful, complete the physical inventory by consis-tently applying written procedures. As physical inventoriesgenerally measure performance over a period of months oryears and
9、results are often trended, it is desirable to repeat pastinventory practices in order to make results comparable.3.1.2 As physical inventories are generally efforts involvingsignificant time, resources, complexity, and personnel, appro-priate project management techniques should be employed.Address
10、the elements in 3.2 through 3.13 when planning.3.2 Management and AccountabilityAssign responsibil-ity, authority, and accountability for the conduct of physicalinventory and for the results of the inventory.3.3 Key Results RequiredPrior to planning an inventory,determine the decisions that will be
11、made based upon inventoryresults and the key results required to make these decisions.For example, a common decision is whether or not a controlsystem is effective; the find rate by value or number of items isoften used as a key determinant. The number or percent ofunrecorded assets (overages) is an
12、 indicator of an organiza-tions success at achieving control of inbound or newlyfabricated assets. All subsequent elements of physical inven-tory planning must accommodate measurement of key resultswith sufficient accuracy and precision for decision-making.3.4 Population:3.4.1 Determine the populati
13、on to be inventoried. A popu-lation may be defined by equipment type, value, location, age,controlling organization or program, use status, or other controlcategories. Determine whether to conduct a complete inventoryof those categories or employ a sampling technique. If sam-pling techniques are emp
14、loyed, determine the sampling methodand size before selecting a sample. The sample must beadequate to yield data of sufficient accuracy to meet the desiredobjectives. If find rates or other data are required for subsets ofthe population, for example by organization, then sample sizesmust be sufficie
15、nt to yield data for those subsets with sufficientaccuracy and precision to be valid and useful.3.4.2 The population to be inventoried should be set at thebeginning of the inventory period and “frozen.” New receiptsafter the beginning of the period should not be included, norshould items transferred
16、 or disposed be excluded, from physi-cal inventory reconciliation and statistics. Establish clear1This practice is under the jurisdiction of ASTM Committee E53 on PropertyManagement Systems and is the direct responsibility of E53.01 on ProcessManagement.Current edition approved May 1, 2007. Publishe
17、d May 2007. Originallyapproved in 2001. Last previous edition approved in 2001 as E 2132 01.1Copyright ASTM International, 100 Barr Harbor Drive, PO Box C700, West Conshohocken, PA 19428-2959, United States.policies for removal of items from the population due to othercircumstances (for example, if
18、it is determined in the course ofan inventory that an item was previously sold or cannibalized).3.5 IndependenceDetermine the extent to which thephysical inventory will require data to be drawn from sourcesindependent of those responsible for property. Independentdata sources are more accurate but c
19、an be more expensive toemploy. Use barcode scanners or other electronic devices toensure data accuracy without independence.3.6 Data RequirementsBeyond the key results, determinethe need to verify or update various data elements (based uponbusiness needs) during the physical inventory. At a minimum,
20、a physical inventory validates the existence and location ofproperty. Other information may also be verified or updated.Employ floor-to-record checks and other techniques to deter-mine the record accuracy status that existed prior to thecommencement of the physical inventory.3.7 Validation Technique
21、sDetermine the validation anddata gathering techniques permissible for the inventory. Vali-dation techniques may include: barcode scanning, radio trans-mission, owner validation, validation by an independent indi-vidual, two-signature validation, validation by transactions orrecords (for example, re
22、ceipt, maintenance, transfers of ac-countability or location, network log-on or use records, andshipping papers), and others. All acceptable techniques shallmeet the independence requirements established in 3.5 andgather the data required by 3.3 and 3.6.3.8 Result ValidationSome organizations have r
23、equire-ments for independent validation of results. This validation canbe incorporated in the inventory conduct or occur after theinventory period. Determine if any such requirement existsand, if so, establish plans to meet the requirement. Generally,validation is more effective and efficient if con
24、ducted duringthe physical inventory period.3.9 PeriodDetermine the time frame for the inventory.The period determines the permissible time frame for valida-tions. The plan may include provisions for extension of theperiod under certain circumstances.3.10 ResourcesThe considerations in 3.2 through 3.
25、9 aregenerally sufficient to determine resource requirements. Deter-mine the individuals who will perform and manage theinventory (in accordance with your independence require-ments). Determine additional resource requirements, includingfunding, equipment, vehicles, supplies, information systemsneed
26、s, and unique expertise (for example, statistics). Thosewho will be held accountable for the results should control theresources.3.11 Information ManagementDetermine the process forupdating property records based upon each permissible type ofvalidation. Determine the process for recording previously
27、unrecorded assets (overages) identified during the physicalinventory. Determine how results (ongoing and final) will begathered, maintained, and reported. Determine requirementsand procedures for supporting documentation. Establish ad-equate controls to ensure validity, such as independence,division
28、 of responsibility, and password protections.3.12 Training and CommunicationEstablish a plan toensure that individuals involved in the physical inventory haveall necessary skills and information and to ensure that all thoseaffected by the physical inventory are familiar with theestablished objective
29、s, period, population, and validation tech-niques.3.13 Project PlanDetermine the individual tasks that willbe performed, and determine their order, time periods, depen-dencies, and resource requirements.4. Procedure4.1 Conduct the physical inventory in accordance with thewritten plan and procedures.
30、 Document deviations and anoma-lies. Conduct the inventory in such a way that the event couldbe repeated with substantially similar results.5. Results5.1 Key results of a physical inventory are measured by anannual loss rate by number or by value and an annual overagerate by number or value.5.1.1 Lo
31、ss rate by number is calculated as follows:(Number of items not located divided by the number of itemsin the total population) divided by the time in years since thelast physical inventory.5.1.2 Loss rate by value is calculated as follows:(Acquisition value of items not located divided by the acqui-
32、sition value of items in the total population) divided by the timein years since the last physical inventory.5.1.3 Overage rate by number is calculated as follows:(Number of overages divided by the number of items in thetotal population) divided by the time in years since the lastphysical inventory.
33、5.1.4 Overage rate by value is calculated as follows:(Value of overages divided by the value of items in the totalpopulation) divided by the time in years since the last physicalinventory.5.2 Other measures should be employed to provide therequired key results established in 3.3.5.3 Annual loss rate
34、s measure relative property controlsuccess. Property control should be optimized in accordancewith organization needs. Property control helps ensure thatproperty is available when needed and reduces the risks of lossof sensitive information or property. The consequences offailure determine the failu
35、re tolerance. Consequences includethe cost and effort to replace an item, lost revenue from therelease of company-sensitive information, and lost productivityresulting from the unavailability of a property item. Forpopulations with high consequences, annual loss rate targetsmay be virtually 0 percen
36、t. For populations with very lowconsequences, annual loss rates of as high as ten percent maybe acceptable. Typical acceptable annual loss rates vary fromhalf a percent to five percent. The acceptable annual loss ratefor a specific population should be the rate that minimizes thesum of the financial
37、 impact of the negative consequences oflosses and cost of control.6. Interpreting Physical Inventory Results6.1 The accuracy and validity of physical inventory resultsare dependent upon the techniques employed, the confidenceand precision of samples, and the level of effort expended.E 2132 01 (2007)
38、2Results of different organizations or the same organization overtime are therefore difficult to compare.6.2 Lists and analyses of those items not located (shortages)are useful for determining control effectiveness and vulner-abilities. However, a physical inventory does not reveal why anitem was no
39、t found. Generally, it can only identify those itemsfound and those not found. Items not found may have been lostor stolen, dissembled or destroyed, legitimately disposed of(though not recorded), or may have been missed during theinventory. The acquisition value of shortages, while perhaps auseful f
40、igure for comparison, is not a reasonable estimate of thefinancial impact of property losses.7. Keywords7.1 physical inventory; property controlASTM International takes no position respecting the validity of any patent rights asserted in connection with any item mentionedin this standard. Users of t
41、his standard are expressly advised that determination of the validity of any such patent rights, and the riskof infringement of such rights, are entirely their own responsibility.This standard is subject to revision at any time by the responsible technical committee and must be reviewed every five y
42、ears andif not revised, either reapproved or withdrawn. Your comments are invited either for revision of this standard or for additional standardsand should be addressed to ASTM International Headquarters. Your comments will receive careful consideration at a meeting of theresponsible technical comm
43、ittee, which you may attend. If you feel that your comments have not received a fair hearing you shouldmake your views known to the ASTM Committee on Standards, at the address shown below.This standard is copyrighted by ASTM International, 100 Barr Harbor Drive, PO Box C700, West Conshohocken, PA 19428-2959,United States. Individual reprints (single or multiple copies) of this standard may be obtained by contacting ASTM at the aboveaddress or at 610-832-9585 (phone), 610-832-9555 (fax), or serviceastm.org (e-mail); or through the ASTM website(www.astm.org).E 2132 01 (2007)3
