Calculate new depreciation rate for an exisitng asset

[Goldrockon]

Hi,

I am looking to reassess the useful life of existing fixed assets by one/two years.

For example:-

Original cost $1,727.00
Start Date 30/12/2008
Current End of life 29/12/2013
New End of Life date 29/12/2014
5 year - 20%
NBV as at 30/06/2013 $174.12

How can I calculate the new rate, as I can not change the prior financial years depreciation.
I am looking for a calculation, to test the assumptions, and see the overall change. This is just one example.

Any ideas or suggestions welcome.

[aydeegee]

Hi Goldrockon

Here's a suggestion.

Let me know if it works for you.

In the UK we have to re-state the results of the previous year if we make such changes!

Regards
Alastair