This International Standard provides an overview of the principles, concepts and terminology relating to assets, asset management and asset management systems, and the expected benefits from adopting these approaches. This International Standard can be applied to all types of assets and by all types and sizes of organizations. NOTE 1 This International Standard is particularly intended to be used for managing physical assets, but this does not limit its application to other asset types. This International Standard does not provide financial, accounting or technical guidance for managing specific asset types. NOTE 2 The phrase "management system for asset management" has been abbreviated to "asset management system" for convenience in all three ISO 5500X International Standards.