Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Mutual fund valuation and income recognition rules: mark-to-market, accruals, weighted-average cost, and distributable income adjustments</h1> Mutual funds must carry investments at market value by marking to market, with realised and unrealised gains or losses recognised through Revenue Accounts and unrealised appreciation excluded when calculating distributable income. Dividend income for quoted securities is recognised on the ex-dividend date and for unquoted securities on the declaration date, affecting timing of income recognition. Interest on interest-bearing instruments must be accrued daily and interest paid/received around purchase or sale recorded in an Interest Recoverable Account, not as purchase/sale cost or proceeds, thereby adjusting reported income. Investment holding cost and sale gains/losses must use the weighted average cost method, and trades are recognised on trade date or upon enforceable obligation/right for off-market transactions, determining period of recognition. Bonus/rights are recognised on ex-basis, income accruals on doubtful or below-grade debt require provisions, open-ended unit sales/repurchases use Equalisation Account and optional dividend equalization reserve to adjust distributable surplus, transaction prices exclude transaction costs, and non-traded investments are valued per the Seventh Schedule.
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