Fixed asset - change/increase useful lifes

Our auditors have determined that the Userful lifes our industry has been using for Book Asset depreciation are too short. The accounting director wants to change all the useful lifes based on asset class for those assets not yet fully depreciated.

Question - if we change the configuration of the Asset Class default useful life it does not appear that is changes the assets already on the books? Can you please confirm this is true.

If that is so - is there any way other than transaction AS02 Asset by Asset to change the useful lifes on current assets?

I have not yet determined how many assets we are talking about. However I would estimate it to the in the thousands.

Any direction would be appreciated.

Thanks