Changing Asset Class of Assets Under Construction

Dear Experts,

Now another help I require from you about Changing Asset Class of Asset Under Construction.

Scenario :

I have a list of Asset (Asset Under construction), those were created under ABCD Asset Class.

These asset created last year 2014, all relevant transaction done and 2014 is closed.

Requirement :

Now these assets have to be related to new asset class EFGH

My Solution Approach about this Scenario now:

1. I will create new assets against each asset under EFGH asset class

2. Balances will transferred to each new asset using ABUMN.

3. Will retire old assets.

Please help on below

1. Are above solutions OK?

2. Please share you Ideas, if more need to done.

3. What will be the impact on reports, how to consolidate with the old asset for current year?

4.Should I suggest that it should be done with begging of next year, if possible?

Thanks in Advance

Best Regards

Abdul