rv2 meaning in oil and gas

Reconciliation, Validation and Verification

These are the three key stages used in the BSI (Balance Sheet Integrity) programme.<p> <p> The aim of reconciliation is to ensure we:<p> • understand the balance<p> • can support it<p> • know it relates to our business<p> The aim of validation is to ensure:<p> • the item is properly valued and any adjustment for impairment has been made<p> • accounting policies have been properly applied<p> • completeness ( e.g. all liabilities have been recorded )<p> The aim of verification is to:<p> • prove the existence of the asset or liability<p> • prove our ownership of the asset or obligation for the liability<p>