the IEC 61968 standard is being developed to facilitate integration of applications related to distribution management, i.e. the management of power distribution networks. As an important baseline the standard contains an Interface Reference Model (IRM). IRM contains functions that define the scope of distribution management. This paper presents a study that was conducted regarding the use of the IRM as a base for evaluating functionality of commercial asset management solutions. The subset of the IRM related to asset management was studied, and based on this subset a refined reference model was created.In addition to the IRM-subset, the refined functional reference model also incorporated functions present in actual asset management solutions. The model was also validated and refined by means of an extensive case study at a large Nordic distribution utility. The study shows that the IRM, with some adaptations, serves the purpose of functionally evaluating asset management applications.