"Accounting, Valuation & Taxation" covers various aspects of accounting for mutual funds (MFs). It emphasizes the importance of understanding MF accounting and the need for MFs to follow the accounting policies laid down by SEBI (Mutual Funds) Regulations, 1996. It highlights that separate balance sheets are prepared for each scheme of a MF, and investments made by the fund appear on the asset side of the balance sheet.

In terms of accounting for unit holders' subscriptions, it explains that they are accounted for as unit capital at face value and not as liabilities or deposits. It emphasizes that all assets of the scheme belong to its investors. The net assets of a scheme are calculated as the difference between its assets and liabilities.

Highlights the importance of daily NAV disclosure for open-ended funds and the concept of valuation date, which is the date on which NAV is calculated. It explains that NAV calculation takes into account up-to-date transactions, and close-ended funds can compute NAVs every week but disclose them daily. The disclosure of NAV considers all income and expenditure up to the date of valuation, with small amounts that do not significantly affect the NAV being non-accrued.

It delves into the disclosure and reporting requirements for mutual funds, highlighting the preparation of annual reports and annual statements of account, which are audited by independent auditors. It explains that the reports should be displayed on the fund's website, forwarded to SEBI, and mailed to unit holders. Scheme-wise abridged summaries of the reports are published in newspapers to ensure transparency and investor information.

Lastly, the it covers the taxation aspects of mutual funds. It explains that while mutual funds, as pass-through entities, are not taxed, there are tax implications for investors in terms of capital gains and dividends. It provides an overview of capital gains tax rates for different types of investors and the impact of dividend distribution tax on dividends received by unit holders. It also discusses the option for investors to choose the applicable tax rates for capital gains based on their preferences.

In conclusion, "Accounting, Valuation & Taxation" is a comprehensive book that provides insights into the accounting practices, valuation norms, and taxation aspects relevant to mutual funds. It serves as a valuable resource for individuals seeking a deeper understanding of these topics in the context of the mutual fund industry.