The American Institute of CPAs’ Conflict Minerals Task Force has developed nonauthoritative guidance to help companies deal with the conflict minerals reporting requirements of the Dodd-Frank Act and Securities and Exchange Commission regulations.
The AICPA noted that the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 mandated disclosure rules, which were passed by the Securities and Exchange Commission in August 2012 about the use of so-called “conflict minerals,” including tungsten, tin and gold, that are mined in the Democratic Republic of the Congo or surrounding countries. While federal law does not prohibit companies from using conflict minerals, nor impose a penalty for doing so, one of the goals of the law is to dissuade U.S. companies from indirectly sourcing conflict minerals, and hence fund the armed groups in the DRC.
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