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Status Accounting is keeping track of the Status or operational mode of a technical device. The status therefor can as an example be ON, OFF, Shutting Down, in-stores, in-repairs etc. The practice that uses the Status Updates in an Managed IT environment is the Monitoring and Event Management Practice.
References
editSee for further reading AXELOS ITIL v4 Service Configuration Management, ITIL v4 Monitoring and Event Management Practice