On a high-level overview, FATCA and CRS are both a reporting requirement of financial information. FATCA is reporting by the IRS of the United States, while CRS was developed and adopted by the rest of the world, mainly Europe. FATCA reporting is only being used by the IRS while CRS is a means of exchange between multiple countries. The reporting method and guidance are not the same. The impact is a matter of reporting. Specifically, the impact under FATCA is information being used by the IRS. For CRS, the information is being exchanged by multiple countries.
