EITI glossary
This glossary is compiled by the EITI International Secretariat and is only provided as a resource.
- Financial audit
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In the EITI context, this is a process of obtaining, verifying, potentially reconciling, and reporting financial or physical information relevant to the extractive industries.
- Fiscal year
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The period which a country calculates its financial year. This may differ from the calendar year.
- Fiscalisation
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The conversion of a unit of production (e.g. a barrel of oil) into monetary terms. For example, when oil is measured at the wellhead the measured quantity is then priced for purposes of calculating the government’s tax or royalty.
- Flow rate
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The volume or quantity of oil or gas coming out of a well or flowing through a pipeline. The flow rate is often measured in oil field units, such as “barrels per day” or “millions of cubic feet per day".