Technical and Vocational Training Corporation completes 2026 asset evaluation project

The Technical and Vocational Training Corporation has wrapped up its 2026 asset inventory and evaluation project, a crucial component of public sector financial transformation. The project, led by the General Directorate of Financial Affairs at the Ministry of Finance, aimed to catalog and assess the corporation's assets for accurate opening balances in financial statements. This effort supports the shift to accrual accounting, enhancing the quality and reliability of financial data.

Badr bin Suleiman Al-Ahmad, Deputy Governor for Support Services, praised the unwavering support of the Minister of Education and the Corporation's Board, which facilitated the project and other initiatives. The project concluded after all deliverables were completed and aligned with the Accrual Accounting Center at the Ministry of Finance.

The initiative included seven main outputs: desk and field asset inventories, classification, coding, asset valuation, and a comprehensive register with opening values. This work is expected to significantly improve the accuracy of financial data and provide a more comprehensive and reliable picture of the corporation's financial position.

Al-Ahmad highlighted that the project marks a significant step in the transition to accrual accounting, offering precise knowledge of the corporation's assets, improving financial information quality, strengthening financial position reliability, and providing efficient data for decision-making, financial planning, and asset management. This progress will boost resource management efficiency and help achieve the corporation's financial transformation objectives.

The project also served as a foundation for an upcoming digital transformation initiative focused on enterprise resource planning (ERP) systems. Following completion, a training workshop was held, attended by 82 specialized staff from the corporation's general directorates and training units across the Kingdom. The workshop focused on sharing knowledge and expertise to ensure the sustainability of asset management and continuous data quality improvement.