Technical and Vocational Training Corporation completes 2026 asset evaluation project

The Technical and Vocational Training Corporation has completed its 2026 asset inventory and evaluation project, aimed at cataloguing and assessing the organization's assets and establishing accurate opening balances to support the preparation of financial statements on an accrual accounting basis, thereby enhancing the quality and reliability of financial information.

Badr bin Suleiman Al-Ahmad, Deputy Governor for Support Services, expressed his gratitude to the Minister of Education and Chairman of the Corporation's Board for the unwavering support provided to this project and other initiatives.

Al-Ahmad explained that the project was finalized after all deliverables were completed and submitted, and after alignment and approval by the Accrual Accounting Center at the Ministry of Finance, in line with the approved implementation plan for the initiative.

He noted that the General Directorate of Financial Affairs led the project over eight months, delivering seven main outputs, including both desk and field asset inventories, classification, coding, and valuation of assets, and the preparation of a comprehensive register with opening values. This work is expected to enhance the accuracy of financial data and provide a more comprehensive and reliable picture of the corporation’s financial position.

A step towards digital transformation and sustainability

The Deputy Governor for Support Services emphasized that completing the project marks a significant step in the transition to accrual accounting, as its results provide precise knowledge of the size and value of the corporation’s assets, improve the quality of financial information, strengthen the reliability of the financial position, and offer more efficient data to support decision-making, financial planning, and asset management. This will boost resource management efficiency and help achieve the corporation’s financial transformation goals.

The project also serves as a foundation and entry point for the upcoming digital transformation initiative related to enterprise resource planning (ERP) systems.

At the conclusion of the project, a training workshop was held, attended by 82 specialized staff from the corporation’s general directorates and training units across the Kingdom, aimed at sharing knowledge and expertise, ensuring the sustainability of asset management, and maintaining and continuously updating data quality.