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See more synonyms on Thesaurus.com. Adjective. No longer in general use; fallen into disuse: an obsolete expression. Of a discarded or outmoded type; out of date: an obsolete battleship. (of a linguistic
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Obsolete refers to something that is no longer in use or outdated.
Typically, businesses or individuals who have outdated or unused assets are required to file obsolescence.
To fill out obsolescence, one must list the assets or items that are no longer in use and provide any relevant documentation.
The purpose of obsolescence is to accurately report assets that are no longer in use, which can impact financial statements and tax liabilities.
Information such as the description of the obsolete assets, the date they became obsolete, and any associated costs must be reported.
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