An electrical equipment assembly includes at least one electrical device provided with an identifier member. The identifier member includes a measurement tolerance data associated with the electrical device. The electrical assembly also includes a meter electrically coupled to the electrical device. The meter includes a memory device, a processor device operatively coupled to the memory device, a communication link member operatively coupled to the processor device, and a selectively updatable measurement tolerance indicator stored in one of the memory device, the processor device. The processor device being configured and disposed to establish measurement accuracy of the meter based on the tolerance indicator stored in the memory device.