How to Report the Value of Foreign Financial Accounts?
FBAR filers need to reasonably figure and report the greatest value of currency or non-monetary assets in their accounts during the calendar year(e.g. Jan 1st~Dec 31st 2019).
Filers figure the greatest value in the currency of the account. If not already in U.S. dollars, they convert that value into U.S. dollars using the Treasury Bureau of the Fiscal Service exchange rate on the last day of the calendar year. For example, the value of an account located in Japan may be shown on the account statements in Japanese yen. Filers would figure the greatest value of the account in yen and then convert it into U.S. dollars.