This glossary is compiled by the EITI International Secretariat and is only provided as a resource.
- Financial audit
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
The period which a country calculates its financial year. This may differ from the calendar year.
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
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".