The operations of an investment company are normally influenced by federal income tax considerations. Book reporting that follows the tax treatment is often the most meaningful to the shareholder. Accordingly, conformity between book and tax accounting is usually maintained whenever practicable and acceptable under GAAP. In a mark-to-market environment such as that used by an investment company, conforming book and tax accounting usually has no effect on net asset value and only a reclassification effect on the statement of operations (e.g., between net investment income, and realized and unrealized gains and losses).