Skip to main content
Fallback image

EITI glossary

This glossary is compiled by the EITI International Secretariat and is only provided as a resource.

Import duties

Duty tax applied to the import of products. Oil and gas are usually exempt from import duties.

In-kind payments

Payments made to a government (e.g. royalty) in the form of the actual commodity (oil, gas, or minerals) instead of cash

Independent Administrator

An organisation, typically an auditing firm, appointed by the multi-stakeholder group to produce the EITI Report. The Independent Administrator is charged with comparing different sets of data, and investigating and explaining any discrepancies identified. The Independent Administrator does not usually carry out an actual audit of such transactions.

Institutional investor

An organisation that pools large sums of money and invests those sums in securities and other investment assets.

International accounting standards

Several accounting standards are commonly recognised as international accounting standards. For example, the International Financial Reporting Standards (IFRS), set by the International Accounting Standards Board (IASB).