The Extractive Industries Transparency Initiative (EITI) is one of a number of country by country reporting initiatives (see also Dodd-Frank Act, EU directives on accounting and transparency and CRD IV)
EITI is a global standard designed to promote revenue transparency in the extractive sector. It is up to individual countries to decide whether and how to implement the initiative. The framework states that all material upstream oil and gas and mining payments to government and all material revenues received from oil, gas and mining companies should be published.
The EITI has published a disclosure framework which includes both required and recommended disclosures, giving countries that adopt the initiative a degree of flexibility in implementation.