GIPS Question on Trade settlement accounting, taking

zbird2134

I stumbled upon a GIPS Trivia which I know everyone taking L3 loves to play
Is Trade Date account or settlement date accounting the preferred method.
Also, is this any requirement or is this a recommendation
Thanks

mamuka12

Trade date. requirement. reason being, that several days can lapse between trade and settle and this can carry into a different reporting period reducing the accuracy of performance, therefore in the spirit of the standards, trade date is required

ShooterMcCFA

back the bus up.
as a correct answer? or as an option?
there is nothing on p 263 of CFAI text on GIPS that talks about illiquid securities.