What is Obsolete Inventory?
Obsolete Inventory Inventory items that are no longer usable or saleable due to age, expiration, or obsolescence, documented in WMS, inventory ledgers, and write-off or disposal reports.
Source: Incoterms 2020 (ICC), FIATA, IATA DGR, WCO
How is “Obsolete Inventory” Used in Practice?
Obsolete inventory must be isolated and recorded for removal from financial statements according to audit requirements and corporate policy.
Certification Exam Relevance
Who Needs to Know This Term?
- Freight Forwarders
- Supply Chain Managers
- Customs Brokers
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What is Obsolete Inventory?
Inventory items that are no longer usable or saleable due to age, expiration, or obsolescence, documented in WMS, inventory ledgers, and write-off or disposal reports.
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