One of the key ideas of Industry 4.0 is the availability of a digital representation of each industrial asset within an Industry 4.0 network, the “Asset Administration Shell” (AAS). The AAS combines data related to an asset and software interfaces which provide access and explorability of the asset data in the network. Because an accepted standard is missing, component manufacturers are currently not able to economically release basic asset models for their products. This creates a deadlock situation for the widespread introduction of Industry 4.0 driven smart factory concepts. This paper describes and compares the most promising approaches to model the asset administration shell: the AAS model of the Platform I4.0, and the AutomationML component description of the AutomationML e.V. The technical concepts are comparatively analyzed for strengths and weaknesses and a useful combination of both model worlds is proposed.