The simple answer is everything that the association owns goes into the study. In reality its not that simple. Some things go into annual maintenance and others are lifetime items that rarely would be replaced like a concrete curb.
Basically reserve items have a life of more than 6 years and less than 30 years. Items that have a life of less than 6 might be a sprinkler head or a light bulb. They get budgeted in the annual maintenance budget. Items that have a life longer than 6 years go into the reserve study. This could be roofing, paint, fences, light fixtures, mailboxes, workout equipement, etc. If it have a lifespan greater than 30 we leave it out unless it will meet its life end during the study. Asphalt replacement may meet this criteria. For example you can slurry seal asphalt several times but at some point it will start breaking up and it will need replacement. This is where the reserve analyst's opinion comes into play. Once they start seeing the aging signs, it time to start accumulating funds for replacement. Pools may fit this example.
A full study is time consuming because an analyst will be taking inventory and measuring areas for replacement costs. If the replacement period is distant the number do not need to be precise but as the replacement date gets to be less than 5 years the reserve analyst should be consulting with the actual contractors to get firm numbers. Most contractor don't mind giving quotes because they are interested in getting visibility into future business opportunities.
Here is our reserve study tutorial
Pacific Crest Reserves
WWW.PacCrestReserves.com
360-588-6956
Fax 360-588-6965
Toll Free 866-618-7764
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