Important Note:
If value is BLANK() the function returns an empty string.
If format_string is BLANK(), the value is formatted with a “General Number” or “General Date” format (according to value type).
Caution: The format strings supported as an argument to the DAX FORMAT function are based on the format strings used by Visual Basic (OLE Automation), not on the format strings used by the .NET Framework. Therefore, you might get unexpected results or an error if the argument does not match any defined format strings. For example, “p” as an abbreviation for “Percent” is not supported. Strings that you provide as an argument to the FORMAT function that are not included in the list of predefined format strings are handled as part of a custom format string, or as a string literal.