102120 – Reportable Information: Account Balance or Value

The reporting financial institution must report the balance or value of reportable financial accounts as of the end of the reporting period for each calendar year. This will be 31 December in each year unless it is not possible or usual to value an account at that date. If that is the case, then that value at the normal valuation point for the account that is nearest to 31 December should be used. The value of the account should be reported in the currency in which the account is denominated. 

In general, the balance or value to be reported is that which the financial institution calculates for the purpose of reporting to the Account Holder. Where the balance or value of an account is nil or a negative amount, for example where an account is overdrawn, the financial institution must report the balance or value as nil. 

For Cash Value Insurance Contracts or Annuity Contracts, the amount to be reported is the cash value or surrender value of the contract. 

For an equity interest in an investment entity, the amount to be reported is the value calculated by the financial institution for the purpose that requires the most frequent determination of value. 

For a debt interest in an investment entity, the balance or value is the principal amount of the debt. 

The balance or value of an account must not be reduced by any liabilities or obligations incurred by an Account Holder with respect to the account or any of the assets held in the account and is not to be reduced by any fees, penalties or other charges for which the Account Holder may be liable upon terminating, transferring, surrendering, liquidating or withdrawing cash from the account.