Utilización y contabilidad de los instrumentos financieros derivados en los fondos de inversión españoles (Use and Accounting Treatment of Derivative Financial Instruments by Spanish Mutual Funds)

This paper identifies the basic provisions under Spanish law governing the accounting and disclosure system for mutual fund transactions in derivative financial instruments, then goes on to test their effectiveness. Most Spanish mutual funds operate in derivative products, and though the global figures may not be significant, some funds employ derivatives on a major scale. It concludes that current disclosure and accounting rules are working effectively and stand comparison with the most advanced