Today, according to Rules 2 and 3 of the official Academy Awards Rules, a film must open in the previous calendar year, from midnight at the start of January 1 to midnight at the end of December 31, in Los Angeles County, California, to qualify.[8] Rule 2 states that a film must be "feature-length", defined as a minimum of 40 minutes, except for short subject awards and it must exist either on a 35 mm or 70 mm film print or on 24 fps or 48 fps progressive scan digital film print with native resolution not less than 1280x720.
Source: http://en.wikipedia.org/wiki/Academy_Awards
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