Individuals or corporations who earn foreign income or have foreign bank accounts may need to file a Report of Foreign Bank and Financial Accounts (FBAR). FBAR is an acronym for the Foreign Bank Account Report. It is a simple form to collect basic information of US citizens or US residents of their overseas financial accounts in their names or wherein they have signing authority or control. In general, a U.S. person (individual or domestic entity) must make a FBAR filing if the aggregate value of the foreign financial accounts exceed $10,000 at any time during the calendar year. U.S. persons who have a financial interest in or signatory authority over foreign financial accounts that exceed certain threshold at any time during the year must report the accounts.