ASTM E2131-16 (R2022) PDF Download

ASTM E2131-16 (R2022) is a standard that focuses on addressing and reporting losses of tangible property. Loss occurrences are considered key aspects of risk management, and this practice aims to project the possibility or probability of losses, discover, disclose, report, manage, and minimize losses to a reasonable extent in order to ensure the success of owning or holding entities.

This standard also establishes acceptable levels of losses. Losses can be discovered through various means such as occurrences, physical inventory, property custodian or entity self-assessment, or external audit, and they can occur at any point during the property life cycle. However, it's important to note that this standard does not address the assessment and determination of financial liability for losses, as those assessments are typically subject to individual contracts or other arrangements.