diff --git a/openerp/addons/base/ir/ir_model.py b/openerp/addons/base/ir/ir_model.py
index 1e29cc0c9d5..c8cb5d2afc2 100644
--- a/openerp/addons/base/ir/ir_model.py
+++ b/openerp/addons/base/ir/ir_model.py
@@ -245,6 +245,14 @@ class ir_model_fields(osv.osv):
         'relation_table': fields.char("Relation Table", help="Used for custom many2many fields to define a custom relation table name"),
         'column1': fields.char("Column 1", help="Column referring to the record in the model table"),
         'column2': fields.char("Column 2", help="Column referring to the record in the comodel table"),
+        'compute': fields.text("Compute", help="Code to compute the value of the field.\n"
+                        "Iterate on the recordset 'self' and assign the field's value:\n\n"
+                        "    for record in self:\n"
+                        "        record['size'] = len(record.name)\n\n"
+                        "Modules time, datetime, dateutil are available."),
+        'depends': fields.char("Dependencies", help="Dependencies of compute method; "
+                        "a list of comma-separated field names, like\n\n"
+                        "    name, partner_id.name"),
     }
     _rec_name='field_description'
     _defaults = {
@@ -322,6 +330,12 @@ class ir_model_fields(osv.osv):
             self.readonly = True
             self.copy = False
 
+    @api.onchange('compute')
+    def _onchange_compute(self):
+        if self.compute:
+            self.readonly = True
+            self.copy = False
+
     @api.one
     @api.constrains('relation_table')
     def _check_relation_table(self):
diff --git a/openerp/addons/base/ir/ir_model_view.xml b/openerp/addons/base/ir/ir_model_view.xml
index 9edc2af9d2c..715f966bc88 100644
--- a/openerp/addons/base/ir/ir_model_view.xml
+++ b/openerp/addons/base/ir/ir_model_view.xml
@@ -86,6 +86,10 @@
                                             <field name="modules"/>
                                         </group>
                                     </group>
+                                    <group string="Computed Fields">
+                                        <field name="depends"/>
+                                        <field name="compute"/>
+                                    </group>
                                     <separator string="Groups"/>
                                     <field name="groups"/>
                                 </form>
@@ -169,7 +173,7 @@
                             <field name="modules"/>
                         </group>
                     </group>
-                    <group>
+                    <group string="Properties">
                         <group>
                             <field name="related"/>
                             <field name="ttype"/>
@@ -193,6 +197,10 @@
                             <field name="translate"/>
                         </group>
                     </group>
+                    <group string="Computed Fields">
+                        <field name="depends"/>
+                        <field name="compute"/>
+                    </group>
                     <field name="groups" invisible="1"/>
                   </sheet>
                 </form>
diff --git a/openerp/models.py b/openerp/models.py
index 69d37d88185..c6d3606d748 100644
--- a/openerp/models.py
+++ b/openerp/models.py
@@ -22,6 +22,7 @@
 """
 
 import datetime
+import dateutil
 import functools
 import itertools
 import logging
@@ -65,6 +66,19 @@ onchange_v7 = re.compile(r"^(\w+)\((.*)\)$")
 
 AUTOINIT_RECALCULATE_STORED_FIELDS = 1000
 
+# base environment for doing a safe eval
+SAFE_EVAL_BASE = {
+    'datetime': datetime,
+    'dateutil': dateutil,
+    'time': time,
+}
+
+def make_compute(text, deps):
+    """ Return a compute function from its code body and dependencies. """
+    func = lambda self: eval(text, SAFE_EVAL_BASE, {'self': self}, mode="exec")
+    deps = [arg.strip() for arg in (deps or "").split(",")]
+    return api.depends(*deps)(func)
+
 
 def check_object_name(name):
     """ Check if the given name is a valid openerp object name.
@@ -709,6 +723,9 @@ class BaseModel(object):
                 attrs['column1'] = field['column1'] or col1
                 attrs['column2'] = field['column2'] or col2
                 attrs['domain'] = eval(field['domain']) if field['domain'] else None
+            # add compute function if given
+            if field['compute']:
+                attrs['compute'] = make_compute(field['compute'], field['depends'])
             self._add_field(name, Field.by_type[field['ttype']](**attrs))
 
     @classmethod