What must the stated value of an account reflect during data collection?

The stated value of an account during data collection must reflect the impact of unsettled trades. This is vital because unsettled trades represent transactions that have been initiated but not yet completed, meaning that the actual value of the account may not fully represent the current market conditions if these trades are not accounted for. Including unsettled trades ensures that the account value accurately captures all economic events that affect the portfolio, providing for a more complete and precise portrayal of the account's value.

In contrast, focusing solely on the current market price would overlook the essential transactions that have yet to be finalized. Considering only income received would ignore other factors that impact the net asset value. Lastly, accounting for all historical transactions does not adequately reflect the present state of the account, particularly if significant trades are still processing. Hence, emphasizing unsettled trades provides a more accurate insight into the current value of an account.