What is ISO 55000?

• A. A financial accounting standard.
• B. Standard for asset management system.
• C. A human resources policy.
• D. A safety regulation.

Answer: (B)

ISO 55000 is about asset management standards. It provides a structured framework for managing assets to optimize value over their life cycle, guiding how an organization should plan, implement, operate, monitor, review, and improve asset management activities. This isn’t financial accounting, human resources policy, or a safety regulation. The ISO 55000 family defines terminology and describes how an asset management system should work, with ISO 55001 detailing the requirements for the system and ISO 55002 offering practical guidance. Using this standard helps balance performance, risk, and cost to maximize the value derived from assets and ensure consistent, ongoing improvements across the organization.