Abstract: A system and method for transferring an asset, or assets, from a first depreciation book to a second depreciation book possibly in different currencies. In particular a method for automatically transferring an asset from a first depreciation book to a second depreciation book with the steps of: gathering asset information from the first depreciation book including original currency for the asset; gathering details of transfer including new currency for the asset and date of transfer; determining the financial treatment of the asset; determining a translation rate between the original currency and said new currency based on the date of transfer; computing financial parameters for the asset in the new currency; retiring the asset from the old depreciation book and creating the asset in the new depreciation book; creating journal entries for the transfer. All of these steps are generally performed while maintaining an audit trail of the transfer.