His Excellency Prof. Dr. Abdulrahman bin Hamad Al-Dawood, President of Qassim University, signed today, Tuesday, March 21, 2023, the contract for the project of inventory, inventory and valuation of assets to build opening balances, with Khalid Al-Ruwais and his partner, and launched the project, in the presence of representatives of the Accounting Accrual Center, in accordance with international accounting standards in the public sector and within the initiatives emanating from the National Transformation Program adopted by the Ministry of Finance, where the contract value reached 2,415,000 riyals.

The project aims to improve the university's financial position, improve accounting systems and policies to better manage government performance, and enable the government to determine its financial position and the value of its assets and associated depreciation, through a number of targeted asset types including machinery and equipment, public transportation, furniture and fixtures, intangible assets, biological assets, and infrastructure assets. 

The Asset Inventory, Inventory and Valuation project consists of several phases, starting with a desk inventory of all assets, followed by a physical inventory of all assets, coding of all assets, and valuation of assets for which there is no historical cost.