The foreign account report (FBAR) and Form 8938 look at the same thing from two angles: which accounts you hold outside the U.S. and how much they held during the year. The number that matters is not the December 31 balance but the highest balance each account reached at any point in the year.
What to gather
For each account: institution name, address, account number, account type and the year's maximum balance in local currency. Include investment accounts, private pensions, insurance with cash value and accounts where you only have signature authority. Annual statements are usually enough; if they do not show the peak, monthly ones will.
Why before April
Because foreign institutions take time to respond, and because the FBAR has its own deadline and its own penalty, separate from the income tax return. Having the list ready in February turns a tense filing into a routine one.
If you are not sure which accounts count, send us the list and we will tell you.