Inventory
Generally speaking, a detailed inventory of what a character has on them isn't kept on Kingdoms of Kahara. Given the nature of the game, the benefits of a detailed inventory are far outweighed by the logistical disadvantages. This page goes over the general inventory rules, the exceptions, and common magic items.
Overall
While players are encouraged to have some idea of what their characters would have on them at any given time, there isn't a separate system for this. Generally speaking so long as a common item could plausibly be on a character or in something a character is actively transporting (like a sack of alchemical components) a character will be allowed to have it in a scene. Common items are common adventuring implements, basic food, mundane weapons, etc. The idea is common items are those which a character could access with relative ease.
Exception 1: Plot Specific
While these occurrences should be rare, there may be times when a plot requires characters to detail what items are and aren't on them, or generally tracking the encumbrance of items. Examples of the first could be a medium term survival plot where supplies may run low or out at times, examples of the latter may be a heist plot where it's necessary to determine if a character can plausibly have or carry so many things. With that said, magic can assist with these issues and should be considered by scenerunner and player alike.
Exception 2: Powerful Magic Items
There are a lot of common magic items in Kahara, the kinds of things which are simple enough to make and have proliferated to the point where most would think of them as regular possessions. These are not restricted. Powerful magic items, by which is meant items which have direct mechanical effects on a scene, are restricted and subject to approval. A magical sword which can be thrown 10 yards before returning to the user's hand is not necessarily a restricted magic item due to how Combat on Kingdoms of Kahara works, but a magical sword which could restore a little bit of HP upon striking something in combat would be.
Here is a list of Common Magic Items.