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The condition where capitalised public assets are treated as generic balance-sheet items disconnected from the mission systems they support. Depreciation schedules reflect accounting conventions rather than operational reality. Two assets with identical book values may have radically different implications for service continuity, resilience, or public risk.
A hospital imaging machine nearing functional obsolescence appears identical on the balance sheet to one recently renewed, provided depreciation schedules align. Accounting records age, not capability; cost, not readiness; ownership, not function.
ABS Section 3.3