The Fair Market Value statement reports the value of an IRA as of December 31 of the year for which the reporting is done and it is sent to the IRA Holder and/or Beneficiary. Fair Market Value can also be reported on a Form 5498. If this is a Form 5498 you have, see here What do I do with Form 5498?
You do not have to report this fair market value if no funds were taken out of the IRA. In this case, just keep the report in your personal records for informational purposes.