Given the serious implications of Form 8938, let's look at its applicability so you do it right when you file your taxes for 2011.As if the various filing requirements were not enough, the US Internal Revenue Service (IRS) has added one more form to collect information from its citizens and residents on their foreign financial assets. With effect from 2012, the IRS has introduced 'Form 8938 - Statement of Specified Foreign Financial Assets' to be filed along with the income tax return.