The as-built model represents the asset as it was actually built, not as it was designed: verified geometry, the products and components actually installed, identification and maintenance data. In UNI 11337-4 it corresponds to level of development LOD F, which describes the object as built and verified on site.
It is the deliverable that closes a BIM construction project and the starting point for operating the asset; a poorly made as-built model is a model the operator will not use.