The ASX has released new requirements for mining and oil and gas companies to report their resources and reserves.
The new rules are aimed at modernising Australia's equity markets as well as improving flexibility for small to mid-cap companies to raise additional capital.
Mining companies will be required to report in accordance with the 2012 Joint Ore Reserves Committee (JORC) code while oil and gas companies will be required to report in accordance with the Society of Petroleum Engineers - Petroleum Resource Management System.
Both mining and oil and gas companies will need to include a mineral resources and ore reserves statement or a petroleum reserves statement in their annual report.
"The enhanced reserves and resources reporting requirements promote greater investor confidence and support efficient capital formation for ASX-listed mining and oil and gas companies," The ASX Group said in a statement.
The rules, which will come into effect on December 1, are expected to align Australia's reporting framework with other major mining and oil and gas markets.ASX-listed mining and oil and gas companies will be provided with a 12-month transition period.