obsolescence Hear it!

obsolescence Finance Definition

The process of becoming out of date. It is one of the underlying concepts of depreciation, because obsolescence limits the useful life of an asset.

obsolescence Law Definition

n

  1. A process or condition of becoming useless or obsolete.
  2. A diminishing of a property’s value or usefulness, especially because of innovations in technology, as distinguished from physical decay. See also depreciation.