Inventory
"Is the inventory legally binding?"
Quick Answer
A detailed, itemized record of a company's commercial assets, liabilities, goods, and raw materials, required to be prepared at the establishment and end of each fiscal year.
Scope and Legal Distinctions
An inventory records assets and liabilities for accounting purposes. A list of warehouse stock alone may not meet the company's wider recordkeeping duties.
What to Check in Practice
Reconcile quantities, title, valuation and third-party custody with accounting records; document stock counts and discrepancies.
Sources & Authorities
Statutory framework and official guidance for this definition.
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