diff --git a/build_tools/bazel_to_cmake/bazel_to_cmake_converter.py b/build_tools/bazel_to_cmake/bazel_to_cmake_converter.py
index d10af72..91de990 100644
--- a/build_tools/bazel_to_cmake/bazel_to_cmake_converter.py
+++ b/build_tools/bazel_to_cmake/bazel_to_cmake_converter.py
@@ -111,19 +111,17 @@
     return self._convert_string_arg_block(name, target, quote=False)
 
   def _convert_srcs_block(self, srcs):
-    if srcs is None:
+    if not srcs:
       return ""
-    generated_srcs = [src for src in srcs if src.startswith(":")]
-    srcs = [src for src in srcs if src not in generated_srcs]
-    sets = []
-    if srcs:
-      sets.append(self._convert_string_list_block("SRCS", srcs, sort=True))
-    if generated_srcs:
-      sets.append(
-          self._convert_string_list_block("GENERATED_SRCS",
-                                          [src[1:] for src in generated_srcs],
-                                          sort=True))
-    return "\n".join(sets)
+    # Bazel allows srcs to reference targets in the current package (leading
+    # ':') or in other packages (leading '//'). We map that to paths by:
+    # - dropping any leading ':' as in:
+    #      ':generated.c' -> 'generated.c'
+    # - dropping any leading '//', and internal ':' by '/', as in:
+    #      '//path/to/package:generated.c' ->  'path/to/package/generated.c'
+    srcs = [s.lstrip('//').lstrip(':').replace(':', '/') for s in srcs]
+
+    return self._convert_string_list_block("SRCS", srcs, sort=True)
 
   def _convert_td_file_block(self, td_file):
     if td_file.startswith("//iree"):
diff --git a/build_tools/cmake/iree_bytecode_module.cmake b/build_tools/cmake/iree_bytecode_module.cmake
index 549c509..b82721c 100644
--- a/build_tools/cmake/iree_bytecode_module.cmake
+++ b/build_tools/cmake/iree_bytecode_module.cmake
@@ -158,7 +158,7 @@
         "${_RULE_NAME}_c"
       IDENTIFIER
         "${_RULE_C_IDENTIFIER}"
-      GENERATED_SRCS
+      SRCS
         "${_RULE_NAME}.vmfb"
       C_FILE_OUTPUT
         "${_RULE_NAME}_c.c"
diff --git a/build_tools/cmake/iree_c_embed_data.cmake b/build_tools/cmake/iree_c_embed_data.cmake
index adcf8d0..403acd7 100644
--- a/build_tools/cmake/iree_c_embed_data.cmake
+++ b/build_tools/cmake/iree_c_embed_data.cmake
@@ -13,10 +13,8 @@
 # Parameters:
 # PACKAGE: Name of the package (overrides actual path)
 # NAME: Name of target (see Note).
-# SRCS: List of source files to embed (non-absolute paths will be resolved
-#     relative to CMAKE_CURRENT_SRC_DIR).
+# SRCS: List of files to embed (in source or build directory).
 # INCLUDES: Include directories to add to dependencies
-# GENERATED_SRCS: List of generated source files to embed.
 # C_FILE_OUTPUT: The C implementation file to output.
 # H_FILE_OUTPUT: The H header file to output.
 # STRIP_PREFIX: Strips this verbatim prefix from filenames (in the TOC).
@@ -34,7 +32,7 @@
     _RULE
     "PUBLIC;TESTONLY;FLATTEN"
     "PACKAGE;NAME;IDENTIFIER;STRIP_PREFIX;C_FILE_OUTPUT;H_FILE_OUTPUT"
-    "DEPS;SRCS;GENERATED_SRCS;INCLUDES"
+    "DEPS;SRCS;INCLUDES"
     ${ARGN}
   )
 
@@ -59,21 +57,48 @@
     list(APPEND _ARGS "--flatten")
   endif()
 
+  set(_RELATIVE_BINARY_DIR "${CMAKE_CURRENT_BINARY_DIR}")
+  cmake_path(RELATIVE_PATH _RELATIVE_BINARY_DIR BASE_DIRECTORY "${IREE_BINARY_DIR}")
+
   foreach(_SRC ${_RULE_SRCS})
-    if(IS_ABSOLUTE "${_SRC}")
-      list(APPEND _ARGS "${_SRC}")
+    if(_SRC MATCHES "^/")
+      # _SRC is an absolute path (starts with `/`).
+      list(APPEND _RESOLVED_SRCS "${_SRC}")
+    elseif(_SRC MATCHES "^[$]<")
+      # _SRC is a CMake generator expression (starts with `$<`).
+      list(APPEND _RESOLVED_SRCS "${_SRC}")
+    elseif(EXISTS "${CMAKE_CURRENT_SOURCE_DIR}/${_SRC}")
+      # _SRC path exists relatively to current source dir.
+      list(APPEND _RESOLVED_SRCS "${CMAKE_CURRENT_SOURCE_DIR}/${_SRC}")
+    elseif(EXISTS "${IREE_SOURCE_DIR}/${_SRC}")
+      # _SRC path exists relatively to root source dir.
+      list(APPEND _RESOLVED_SRCS "${IREE_SOURCE_DIR}/${_SRC}")
     else()
-      list(APPEND _ARGS "${CMAKE_CURRENT_SOURCE_DIR}/${_SRC}")
+      # All else having failed, interpret _SRC as a path in the binary dir,
+      # that is, a generated file. As the present logic executes before
+      # that file would be generated, we can't perform a if(EXISTS) test to
+      # validate that hypothesis.
+      #
+      # Additional difficulty: _SRC could be a path relative to either the
+      # current binary dir, or the root binary dir. Again, it's too early here
+      # to use a if(EXISTS) test to determine that. Instead, the following
+      # regex replacement strips the current binary dir as a prefix from _SRC.
+      # So if _SRC was relative to the root binary dir, now it is relative to
+      # the current binary dir. And if it was already relative to the current
+      # binary dir, then the regex should fail to match (unless we're very
+      # unlucky and we have paths of the from root/a/b/a/b, but that's not a
+      # problem that we have today. And if that ever happens, people will still
+      # be able to get the correct behavior by passing a path relative to the
+      # root dir).
+      string(REGEX REPLACE "^${_RELATIVE_BINARY_DIR}/" "" _SRC_RELATIVE "${_SRC}")
+      list(APPEND _RESOLVED_SRCS "${CMAKE_CURRENT_BINARY_DIR}/${_SRC_RELATIVE}")
     endif()
   endforeach(_SRC)
-  foreach(_SRC ${_RULE_GENERATED_SRCS})
-    list(APPEND _ARGS "${_SRC}")
-  endforeach(_SRC)
 
   add_custom_command(
     OUTPUT "${_RULE_H_FILE_OUTPUT}" "${_RULE_C_FILE_OUTPUT}"
-    COMMAND generate_embed_data ${_ARGS}
-    DEPENDS generate_embed_data ${_RULE_SRCS} ${_RULE_GENERATED_SRCS}
+    COMMAND generate_embed_data ${_ARGS} ${_RESOLVED_SRCS}
+    DEPENDS generate_embed_data ${_RESOLVED_SRCS}
   )
 
   if(_RULE_TESTONLY)
diff --git a/build_tools/cmake/iree_hal_cts_test_suite.cmake b/build_tools/cmake/iree_hal_cts_test_suite.cmake
index 691b76b..417cc45 100644
--- a/build_tools/cmake/iree_hal_cts_test_suite.cmake
+++ b/build_tools/cmake/iree_hal_cts_test_suite.cmake
@@ -111,7 +111,7 @@
       iree_c_embed_data(
         NAME
           ${_EXECUTABLES_TESTDATA_NAME}_c
-        GENERATED_SRCS
+        SRCS
           ${_EMBED_DATA_SOURCES}
         C_FILE_OUTPUT
           "${_EXECUTABLES_TESTDATA_NAME}_c.c"
@@ -180,6 +180,7 @@
     set(IREE_CTS_DRIVER_REGISTRATION_FN "${_RULE_DRIVER_REGISTRATION_FN}")
     set(IREE_CTS_TEST_CLASS_NAME "${_TEST_NAME}_test")
     set(IREE_CTS_DRIVER_NAME "${_RULE_DRIVER_NAME}")
+    set(IREE_CTS_TARGET_BACKEND "${_RULE_COMPILER_TARGET_BACKEND}")
 
     configure_file(
       "${IREE_ROOT_DIR}/runtime/src/iree/hal/cts/cts_test_template.cc.in"
diff --git a/build_tools/embed_data/generate_embed_data_main.cc b/build_tools/embed_data/generate_embed_data_main.cc
index a851cf5..298000b 100644
--- a/build_tools/embed_data/generate_embed_data_main.cc
+++ b/build_tools/embed_data/generate_embed_data_main.cc
@@ -90,6 +90,11 @@
                            const std::string& header_file,
                            const std::vector<std::string>& toc_files) {
   std::ofstream f(header_file, std::ios::out | std::ios::trunc);
+  if (!f) {
+    fprintf(stderr, "Failed to open '%s' for write.\n", header_file.c_str());
+    exit(EXIT_FAILURE);
+  }
+
   f << "#pragma once\n";  // Pragma once isn't great but is the best we can do.
   f << "#include <stddef.h>\n";
   GenerateTocStruct(f);
@@ -106,6 +111,10 @@
 static bool SlurpFile(const std::string& file_name, std::string* contents) {
   constexpr std::streamoff kMaxSize = 100000000;
   std::ifstream f(file_name, std::ios::in | std::ios::binary);
+  if (!f) {
+    fprintf(stderr, "Failed to open '%s' for read.\n", file_name.c_str());
+    exit(EXIT_FAILURE);
+  }
   // get length of file:
   f.seekg(0, f.end);
   std::streamoff length = f.tellg();
@@ -133,6 +142,11 @@
                          const std::vector<std::string>& input_files,
                          const std::vector<std::string>& toc_files) {
   std::ofstream f(impl_file, std::ios::out | std::ios::trunc);
+  if (!f) {
+    fprintf(stderr, "Failed to open '%s' for write.\n", impl_file.c_str());
+    exit(EXIT_FAILURE);
+  }
+
   f << "#include <stddef.h>\n";
   f << "#include <stdint.h>\n";
   f << R"(
diff --git a/runtime/src/iree/base/testing/CMakeLists.txt b/runtime/src/iree/base/testing/CMakeLists.txt
index 5f3f797..1b3b5c3 100644
--- a/runtime/src/iree/base/testing/CMakeLists.txt
+++ b/runtime/src/iree/base/testing/CMakeLists.txt
@@ -19,7 +19,7 @@
 iree_c_embed_data(
   NAME
     dynamic_library_test_library
-  GENERATED_SRCS
+  SRCS
     "$<TARGET_FILE:iree::base::testing::dynamic_library_test_library.so>"
   C_FILE_OUTPUT
     "dynamic_library_test_library_embed.c"
diff --git a/runtime/src/iree/builtins/device/CMakeLists.txt b/runtime/src/iree/builtins/device/CMakeLists.txt
index b71b7f7..19c83d3 100644
--- a/runtime/src/iree/builtins/device/CMakeLists.txt
+++ b/runtime/src/iree/builtins/device/CMakeLists.txt
@@ -71,7 +71,7 @@
 iree_c_embed_data(
   NAME
     libdevice_bitcode
-  GENERATED_SRCS
+  SRCS
     "libdevice_wasm32_generic.bc"
     "libdevice_wasm64_generic.bc"
   DEPS
diff --git a/runtime/src/iree/builtins/ukernel/CMakeLists.txt b/runtime/src/iree/builtins/ukernel/CMakeLists.txt
index 3da5fba..554d6a9 100644
--- a/runtime/src/iree/builtins/ukernel/CMakeLists.txt
+++ b/runtime/src/iree/builtins/ukernel/CMakeLists.txt
@@ -172,7 +172,7 @@
 iree_c_embed_data(
   NAME
     libukernel_bitcode
-  GENERATED_SRCS
+  SRCS
     "ukernel_bitcode.bc"
   DEPS
 
diff --git a/runtime/src/iree/hal/cts/cts_test_template.cc.in b/runtime/src/iree/hal/cts/cts_test_template.cc.in
index 7783f5e..33b0eef 100644
--- a/runtime/src/iree/hal/cts/cts_test_template.cc.in
+++ b/runtime/src/iree/hal/cts/cts_test_template.cc.in
@@ -12,6 +12,8 @@
 #cmakedefine IREE_CTS_DRIVER_NAME "@IREE_CTS_DRIVER_NAME@"
 #cmakedefine IREE_CTS_EXECUTABLE_FORMAT @IREE_CTS_EXECUTABLE_FORMAT@
 #cmakedefine IREE_CTS_EXECUTABLES_TESTDATA_HDR "@IREE_CTS_EXECUTABLES_TESTDATA_HDR@"
+#cmakedefine IREE_CTS_TARGET_BACKEND "@IREE_CTS_TARGET_BACKEND@"
+
 // clang-format on
 
 #include IREE_CTS_TEST_FILE_PATH
@@ -43,9 +45,15 @@
 iree_const_byte_span_t get_test_executable_data(iree_string_view_t file_name) {
 #ifdef IREE_CTS_EXECUTABLES_TESTDATA_HDR
   const struct iree_file_toc_t* toc = iree_cts_testdata_executables_create();
+  char file_name_with_target_backend[256];
+  snprintf(file_name_with_target_backend, sizeof file_name_with_target_backend,
+    "%s_%.*s", IREE_CTS_TARGET_BACKEND, static_cast<int>(file_name.size), file_name.data);
   for (size_t i = 0; i < iree_cts_testdata_executables_size(); ++i) {
     const auto& file = toc[i];
-    if (iree_string_view_equal(file_name, iree_make_cstring_view(file.name))) {
+    if (iree_string_view_equal(
+      iree_make_cstring_view(file_name_with_target_backend),
+      iree_make_cstring_view(file.name)))
+    {
       return iree_make_const_byte_span(file.data, file.size);
     }
   }
diff --git a/runtime/src/iree/vm/test/CMakeLists.txt b/runtime/src/iree/vm/test/CMakeLists.txt
index 8a55244..9ada5ef 100644
--- a/runtime/src/iree/vm/test/CMakeLists.txt
+++ b/runtime/src/iree/vm/test/CMakeLists.txt
@@ -17,7 +17,7 @@
 iree_c_embed_data(
   NAME
     all_bytecode_modules_c
-  GENERATED_SRCS
+  SRCS
     "arithmetic_ops.vmfb"
     "arithmetic_ops_f32.vmfb"
     "arithmetic_ops_i64.vmfb"
@@ -293,7 +293,7 @@
 iree_c_embed_data(
   NAME
     async_bytecode_modules_c
-  GENERATED_SRCS
+  SRCS
     "async_ops.vmfb"
   C_FILE_OUTPUT
     "async_bytecode_modules.c"
diff --git a/samples/static_library/CMakeLists.txt b/samples/static_library/CMakeLists.txt
index 6d60b11..7727bd8 100644
--- a/samples/static_library/CMakeLists.txt
+++ b/samples/static_library/CMakeLists.txt
@@ -55,7 +55,7 @@
     simple_mul_c
   IDENTIFIER
     iree_samples_static_library_simple_mul
-  GENERATED_SRCS
+  SRCS
     simple_mul.vmfb
   C_FILE_OUTPUT
     simple_mul_c.c