Conflict Minerals: Department of Commerce Hasn’t Met Conflict Minerals Obligations, GAO Says

Jun 27, 2014 | Ken Tysiac, Journal of Accountancy
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Although U.S. public companies were required to file their first conflict minerals disclosures earlier this month, a new government report shows that the U.S. Department of Commerce has not met its obligations with regard to new conflict minerals regulations.

The department failed to meet a January 2013 deadline to compile a list of all smelters and refiners of conflict minerals known worldwide, according to a report to congressional committees published Thursday by the U.S. Government Accountability Office (GAO).

Such a list could enable companies to maintain transparency regarding their supply chains and provide companies the information they need for their SEC-required conflict minerals disclosure reports, according to the GAO report. Because smelters and refiners are considered the “choke point” in the supply chain, information about them can help companies track their materials.