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Resetting asset useful lifetimes

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The following describes how to change the life of an asset to a longer or a shorter life span. This may have to be done in accordance with the IFRS requirements or for whatever reason you deem necessary. This will affect the size of the depreciation amount in the future.

Note: For more information about IFRS, see About DC1 IFRS and Setting up IFRS.

Utilising one program you can automate the procedure of changing the useful lifetimes for the following:

  • A whole asset type
  • A combination of asset type and group
  • Asset account group
  • A combination of all of the above.

You can change the economic, legal and/or technical useful lifetime for the selected assets, but only one variant at a time. Budget assets, disposed assets, deleted assets or completely split assets are not included.

This program can be run in two modes; simulation mode and update mode. In simulation mode the Change of useful lifetime list report is printed, but no files are updated. The printed report will display the selected asset types/groups with the assets where the useful life has or will be changed. You can also select to print errors only. In update mode the report is printed and the Asset base file is updated with the changes that are not error-marked.

Note: It is always possible to manually change the different useful life, if, for example, one or more of the fixed assets must be treated differently. This will have exactly the same effect on future depreciation.

Tip: It could be a good idea to create one or several depreciation work proposals and print the proposals before and after running the program to be able to compare the depreciation values. That will provide information about how the change of the life has affected the depreciation values.

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