Mutual fund accounting: investments marked to market; income recognised on trade/ex-dividend dates; equalisation adjustments apply. Mutual funds must mark investments to market and record realised and unrealised gains or losses in revenue accounts while excluding unrealised appreciation from distributable income. Dividend income for quoted securities is recognised on the ex-dividend date; interest on interest-bearing securities is accrued daily and interest relating to purchase or sale periods is posted to an Interest Recoverable Account. Purchases and sales are recorded on trade date; weighted average cost determines holding cost and gains. Equalisation and reserve treatments govern unit sales and repurchases in open-ended schemes, and transaction costs are excluded from investment cost.