trustee, no assets or liabilities relating to these activities are recorded on the Balance Sheet. Accounting and Reporting Developments In July 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act) became law in the United States. The Act seeks to reform the U.S. financial regulatory system by introducing new regulators and extending regulation over new markets, entities, and activities. The implementation of the Act is dependent on the development of various rules to clarify and interpret its requirements. Pending the development of these rules, no impact on IDA has been determined as of June 30, 2012. IDA continues to evaluate the potential future implications of the Act. In April 2011, the FASB issued ASU 2011-03, Transfers and Servicing (Topic 860): Reconsideration of Effective Control for Repurchase Agreements. The ASU changes the assessment of effective control by focusing on the transferor’s contractual rights and obligations and removing the criterion to assess its ability to exercise those rights or honor those obligations. This ASU was effective for IDA from the quarter ended March 31, 2012. The ASU did not have an impact on IDA’s financial statements, as IDA accounts for transfers of securities as secured borrowings. In May 2011, the FASB issued ASU 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (IFRS). The amendments result in common fair value measurement and disclosure requirements in U.S. GAAP and IFRSs. While many of the amendments relate to the harmonization of terminology and do not significantly impact current practice, some of the amendments have changed the existing fair value measurement and disclosure requirements. Although this ASU is effective for annual periods beginning after December 15, 2011 for non-public entities, IDA early adopted this ASU from the quarter ended March 31, 2012. For the related additional fair value disclosures, see Note C—Investments and Note K—Other Fair Value Disclosures. In June 2011, the FASB issued ASU 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. The ASU requires comprehensive income to be reported in either a single statement or in two consecutive statements. The ASU does not change which items are reported in other comprehensive income or existing requirements to reclassify items from other comprehensive income to net income.
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Subsequently, in December 2011, the FASB issued ASU 2011-12, Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 201105, which deferred certain reclassification provisions in ASU 2011-05. For IDA, the ASUs are effective for fiscal years ending after December 15, 2012, and interim and annual periods thereafter, with early adoption permitted. IDA is currently evaluating the impact of these ASUs on its financial statements. In December 2011, the FASB issued ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. The ASU requires entities to disclose both gross information and net information about instruments and transactions eligible for offset in the statement of financial position, and instruments and transactions subject to a master netting agreement and agreements similar to a master netting agreement. The new disclosure requirements will facilitate comparison between US. GAAP and IFRS. This ASU is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. IDA is currently evaluating the impact of this ASU on its financial statements. NOTE B—MEMBERS’ SUBSCRIPTIONS AND CONTRIBUTIONS The Sixteenth Replenishment of IDA’s Resources (IDA16): IDA16 became effective on November 30, 2011. This followed the receipt of IoCs for subscriptions and contributions which exceeded the threshold level of SDR 10,395 million required for effectiveness as specified in the resolution of IDA’s Board of Governors authorizing IDA16. Subscriptions and Contributions Paid-In: The movement in Subscriptions and Contributions PaidIn during the fiscal years ended June 30, 2012 and June 30, 2011 is summarized below: In millions of U.S. dollars
Beginning of the fiscal year Cash contributions received Demand obligations received Translation adjustment End of the fiscal year
June 30, 2012 $167,610 1,655 6,848 (526) $175,587
June 30, 2011 $157,413 1,724 7,549 924 $167,610
During the fiscal year ended June 30, 2012, IDA encashed demand obligations totaling $7,303 million ($5,856 million—fiscal year ended June 30, 2011).