Depreciation: Stay, Change, or Go?

Depreciation has been a part of Generally Accepted Accounting Principles forever. It has also been an area
where companies can artificially manipulate their financial records by varying the different parameters involved
in calculating depreciation.
Various accounting researchers have called for the end, or at least a complete overhaul of the way
depreciation is used for some time now (see your supplement reading: “Is It Time to Eliminate Depreciation for
Good?”.
Discuss your view of what should, if anything, happen to the whole concept of depreciation? Please provide
one reading that is no older than a year old to support your position.