This standard provides a recommended practice for the calculation and application of a VEF and provides guidelines for data compilation, data validation, and recommendations on the appropriate use of VEF during custody transfer involving marine tank vessels. It also provides clear guidance on maintenance of quantity data on board the vessel, calculation of VEFs and application of VEFs. The key aim is to provide a single unambiguous figure for VEFL or VEFD and to remove the possibility of any arbitrary inclusion or exclusion of data on the part of the individual(s) performing the final calculation. Close attention has been paid to the calculation method which has been tested using historical data. Bearing in mind the uncertainty which will attach to any individual measurement (including those being 'corrected' using the VEF figure) the calculation method will provide a stable and robust ratio.

The standard also provides instruction for parcel tankers, part cargoes, compartmental VEFs, and vessel-to-vessel transfers. The methods are applicable to liquid bulk cargoes including crude oil, petroleum products, chemicals, and LPGs.