Updated November 2026 · VG CPA PC advisors
Finding the maximum value
The maximum value is a reasonable approximation of the greatest value of the account during the calendar year. Periodic statements are acceptable if they fairly reflect the maximum. For brokerage and mutual fund accounts, use the highest statement value; for fixed deposits, the principal plus accrued interest at its highest point.
Accounts opened or closed during the year are still reported, using the maximum value while they were open. An account with a negative balance is reported at zero.
Converting to dollars
Convert each account's maximum value using the Treasury Reporting Rates of Exchange for the last day of the calendar year, even if the maximum occurred earlier. If no Treasury rate is available, use another verifiable rate and note the source.
Report the value rounded up to the next whole dollar. Keep your calculation, because Form 8938 uses the same maximum values and the IRS compares the two.
When the $10,000 test applies
Add the maximum values of all accounts. If the total exceeds $10,000, every account is reported, including small ones. A single transfer between your own accounts can make the total exceed $10,000 even if your actual savings never did; the rule still applies as written.
Spouses can file one FBAR together only if all of the reporting spouse's accounts are jointly owned with the other spouse and Form 114a is completed.