Thanks, Punktlich, for pointing that out. I guess some people have jumped to the conclusion that because the maximum value in each individual account is the one used for reporting once you've decided you need to file TD F 90-22.1, it is also the value used in aggregating. But I've been looking at the instructions and Googling for 15 minutes or so and I must admit I can't find that in any official publication.
Workbook on the Report of Foreign Bank and Financial Accounts (FBAR)
says:
Quote:
Who Must File the FBAR?
A United States person must file an FBAR report if that person has financial interest in, signature authority or other authority over any financial account (s) in a foreign country and the aggregate value of these account(s) exceeds $10,000 at any time during the calendar year.
The account value is the largest amount of currency and/or monetary instruments that appear on any quarterly or more frequently issued account statement for the applicable year. If a periodic account statement is not issued, the maximum account value is the largest amount of currency and/or monetary instruments in the account at any time during the year. If the account value exceeds $10,000 on any account statement at any time during the calendar year an FBAR must be filed.
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and it would be easy to jump to the concluson that the aggregate value of accounts was based on the account values.
Kind regards
Peter