The Dodd-Frank Act's Conflict Minerals Provision

What CPAs Should Know about the SEC's Final Rule

Greg Gaynor, PhD, and Katherine Campbell, PhD, and Dee Ann EUingson, PhD, CPA, and Matthew Notbohm, PhD, CPA (IU.)

In response to the financial crisis of 2008, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The act aimed to prevent future crises in the financial industry, but it also included provisions related to other industries (http://banking.senate.gov/public/_files/070110_Dodd_Frank_Wall_Street_Reform_comprehensive_summary_Final.pdf). For example, section 1502 of the Dodd-Frank Act introduced provisions related to the use of conflict minerals that will affect many companies subject to SEC filing requirements. The SEC final rule mandates supply chain analysis, additional disclosure, and—in some cases—audits.