Yes, that is correct. Because there is a disclosure requirement for foreign bank accounts, this information is reported using the long Form 1040.
Here is what the IRS states:
If you have a foreign account you must report this on your tax return.
The taxpayer must disclose whether or not there is a financial interest, or signature authority over, a financial account or trust, in a foreign country. If your answer is Yes to any of these then this information is reported on Part III of Schedule B.
