The Institute of Chartered Accountants of India (ICAI) has issued guidance notes on accounting of index futures contracts from the view point of parties who enter into such futures contracts as buyers or sellers
Client has to maintain two separate accounting heads for initial margin and mark to market margin. These heads could be called as - Initial margin-currency futures, Mark to market- currency futures
Sometime clients may place extra deposit / security with trading member to take care of daily mark to market instead of settling it daily. Such account may be called as Deposit for mark to market margin account
If more than one contract in a series are outstanding at the time of expiry/ squaring off, the contract price of the contract so squared off should be determined using First-in, First-out (FIFO) method for calculating profit/loss on squaring-up.
The amount of bank guarantee and book value as also the market value of securities lodged should be disclosed in respect of contracts having open positions at the year end, where initial margin money has been paid by way of bank guarantee and/or lodging of securities.
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