This International Standard provides an overview of asset management, its principles and terminology, and the expected benefits from adopting asset management. 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 intended to be used for managing physical assets in particular, but it can also be applied to other asset types. NOTE 2 This International Standard does not provide financial, accounting or technical guidance for managing specific asset types. NOTE 3 For the purposes of ISO 55001, ISO 55002 and this International Standard, the term “asset management system” is used to refer to a management system for asset management.