The initial margin for options/futures is typically considered as an amount of money deposited by the investor to cover potential losses from the investment. It is not considered as an initial investment, but rather as a form of collateral to ensure that the investor is able to meet their financial obligations in the event of adverse price movements. The initial margin is generally kept in a segregated account and is returned to the investor when the investment is closed out or reaches maturity. Therefore, it does not impact the accounting treatment of the investment itself, but is rather a form of risk management.