Creation of Fixed Assets from Normal Inventory Item without using Asset Tracking

Hi,
  How can we create Fixed Asset from a Normal Inventory Item without using the Asset tracking Module.
The Requirement is to Receive an Inventory Item from PO or Misc Receipt. Store in the Inventory. Once there is request from User for the Item.the Item is then created as Fixed asset and Depreciation starts from the creation of Fixed Asset.
This is possible in Asset Tracking but client is not willing to go for Asset Tracking only for this feature.
Can we go for an Interface approach ?

Thanks and Regards,
Ranganath