"Foreign Financial Accounts" vs. "Other Foreign Financial Assets"

[Josefh]

Hello, what's the difference between "Foreign Financial Accounts" and "Other Foreign Financial Assets"? Thank you!

[KrisD15]

The only example I can think of for a Foreign Financial Asset would be stock or ownership in a company that has a financial account. (So technically YOU don't have the account, the company does, but you have the asset (stock) that has the account.)

It's worded this way in the tax code by the IRS and reflected the same in TurboTax. 

[Josefh]

The wording is confusing ... Thank you!