Smart systems are miniaturized devices integrating computation, communication, sensing and actuation. As such, their design can not focus solely on functional behavior, but it must rather take into account different extra-functional concerns, such as power consumption or reliability. Any smart system can thus be modeled through a number of views, each focusing on a specific concern. Such views may exchange information, and they must thus be simulated simultaneously to reproduce mutual influence of the corresponding concerns. This paper shows how the IP-XACT standard, with some necessary extensions, can effectively support this simultaneous simulation. The extended IP-XACT descriptions allow to model extra-functional properties with a homogeneous format, defined by analysing requirements and characteristic of three main concerns, i.e., power, temperature and reliability. The IP-XACT descriptions are then used to automatically generate a skeleton of the simulation infrastructure in SystemC. The skeleton can be easily populated with models available in the literature, thus reaching simultaneous simulation of multiple concerns.