Dear,

Just to clarify what I meant by assets is a checking account with a balance of somewhere between $10k and $100k. Do we still need to fill form 8938?
Regards,

1. Here are the instructions for how to complete the form and IF you need to complete it:
http://www.irs.gov/pub/irs-pdf/i8938.pdf

2. Yes, balance in a checking account is considered an asset.

Reporting threshold is different in different cases.
If you live in U.S. and are filing separate tax return, the reporting threshold is $50,000. If you are filing joint return, the amount is $100,000.
If you live in foreign country and meet bona fide resident test or physical presence test, the threshold amount is much higher.