The Technical and Vocational Training Corporation (TVTC) has concluded its asset inventory and valuation project. This initiative is part of the government sector's financial transformation program and aims to inventory and value the Corporation's assets, as well as establish accurate opening balances to support the preparation of financial statements based on the accrual accounting method, thereby enhancing the quality and reliability of financial information.
Dr. Badr bin Sulaiman Al-Ahmad, the TVTC’s Deputy Governor for Support Services, expressed his sincere gratitude and appreciation to the Minister of Education and Chairman of the Board of Directors for the unlimited support provided to the Corporation for this project and other initiatives it undertakes. He noted that the project was successfully completed following the delivery of all outputs and their alignment with and approval by the Ministry of Finance’s Accrual Accounting Center, in accordance with the initiative's approved execution plan.
Al-Ahmad clarified that the project was spearheaded by the General Administration of Financial Affairs over an eight-month period. It comprised seven key deliverables, including desk-based and field inventory of the Corporation's assets, their classification, coding, and valuation, and the creation of a comprehensive asset register with opening values. These steps contribute to enhancing financial data accuracy and presenting a more comprehensive and reliable picture of the Corporation's financial position.
The Deputy for Support Services emphasized that the project’s completion marks a significant milestone in the transition to the accrual accounting basis. Its outcomes facilitate the accurate determination of the Corporation’s asset volume and value, improve financial information quality, enhance the reliability of the financial position, and provide efficient data to support decision-making, financial planning, and asset management. These improvements boost resource management efficiency and help achieve the Corporation’s financial transformation objectives. Furthermore, this project serves as a foundation and precursor to the upcoming Enterprise Resource Planning (ERP) project led by the Digital Transformation sector.
Upon the project's conclusion, a training workshop was held for 82 relevant staff members from general departments and training units across the Kingdom. The workshop aimed to facilitate knowledge and expertise transfer, ensure the sustainability of asset management operations, and maintain data quality and continuous updates.