diff --git a/cpg-language-python/src/main/kotlin/de/fraunhofer/aisec/cpg/frontends/python/ExpressionHandler.kt b/cpg-language-python/src/main/kotlin/de/fraunhofer/aisec/cpg/frontends/python/ExpressionHandler.kt
index 62778bc208..7e9ce3081c 100644
--- a/cpg-language-python/src/main/kotlin/de/fraunhofer/aisec/cpg/frontends/python/ExpressionHandler.kt
+++ b/cpg-language-python/src/main/kotlin/de/fraunhofer/aisec/cpg/frontends/python/ExpressionHandler.kt
@@ -29,25 +29,11 @@ import de.fraunhofer.aisec.cpg.graph.*
 import de.fraunhofer.aisec.cpg.graph.declarations.ImportDeclaration
 import de.fraunhofer.aisec.cpg.graph.declarations.MethodDeclaration
 import de.fraunhofer.aisec.cpg.graph.statements.expressions.*
-import de.fraunhofer.aisec.cpg.graph.statements.expressions.CollectionComprehension
 import jep.python.PyObject
 
 class ExpressionHandler(frontend: PythonLanguageFrontend) :
     PythonHandler<Expression, Python.AST.BaseExpr>(::ProblemExpression, frontend) {
 
-    /*
-    Magic numbers (https://docs.python.org/3/library/ast.html#ast.FormattedValue):
-    conversion is an integer:
-        -1: no formatting
-        115: !s string formatting
-        114: !r repr formatting
-        97: !a ascii formatting
-     */
-    private val formattedValConversionNoFormatting = -1L
-    private val formattedValConversionString = 115L
-    private val formattedValConversionRepr = 114L
-    private val formattedValConversionASCII = 97L
-
     override fun handleNode(node: Python.AST.BaseExpr): Expression {
         return when (node) {
             is Python.AST.Name -> handleName(node)
@@ -182,45 +168,116 @@ class ExpressionHandler(frontend: PythonLanguageFrontend) :
         return assignExpression
     }
 
+    /**
+     * Translates a Python
+     * [`FormattedValue`](https://docs.python.org/3/library/ast.html#ast.FormattedValue) into an
+     * [Expression].
+     *
+     * We are handling the format handling, following [PEP 3101](https://peps.python.org/pep-3101).
+     *
+     * The following example
+     *
+     * ```python
+     *  f"{value:.2f}"
+     * ```
+     *
+     * is modeled:
+     * 1. The value `value` is wrapped in a `format()` call.
+     * 2. The `format()` call has two arguments:
+     *     - The value to format (`value`).
+     *     - The format specification (`".2f"`).
+     *
+     * CPG Representation:
+     * - `CallExpression` node:
+     *         - `callee`: `Reference` to `format`.
+     *         - `arguments`:
+     *             1. A node representing `value`.
+     *             2. A node representing the string `".2f"`.
+     */
     private fun handleFormattedValue(node: Python.AST.FormattedValue): Expression {
-        if (node.format_spec != null) {
-            return newProblemExpression(
-                "Cannot handle formatted value with format_spec ${node.format_spec} yet",
-                rawNode = node
-            )
-        }
-        return when (node.conversion) {
-            formattedValConversionNoFormatting -> {
-                // No formatting, just return the value.
-                handle(node.value)
-            }
-            formattedValConversionString -> {
-                // String representation. wrap in str() call.
-                val strCall =
-                    newCallExpression(newReference("str", rawNode = node), "str", rawNode = node)
-                strCall.addArgument(handle(node.value))
-                strCall
-            }
-            formattedValConversionRepr -> {
-                newProblemExpression(
-                    "Cannot handle conversion '114: !r repr formatting', yet.",
-                    rawNode = node
-                )
-            }
-            formattedValConversionASCII -> {
-                newProblemExpression(
-                    "Cannot handle conversion '97: !a ascii formatting', yet.",
-                    rawNode = node
-                )
+        /*
+        Magic numbers (https://docs.python.org/3/library/ast.html#ast.FormattedValue):
+        conversion is an integer:
+        -1: no formatting
+        115: !s string formatting
+        114: !r repr formatting
+        97: !a ascii formatting
+        */
+        val formattedValConversionNoFormatting = -1L
+        val formattedValConversionString = 115L
+        val formattedValConversionRepr = 114L
+        val formattedValConversionASCII = 97L
+
+        val formatSpec = node.format_spec?.let { handle(it) }
+        val valueExpression = handle(node.value)
+        val conversion =
+            when (node.conversion) {
+                formattedValConversionNoFormatting -> {
+                    // No formatting, just return the value.
+                    valueExpression
+                }
+                formattedValConversionString -> {
+                    // String representation: wrap in `str()` call.
+                    val strCall =
+                        newCallExpression(
+                                callee = newReference(name = "str", rawNode = node),
+                                fqn = "str",
+                                rawNode = node
+                            )
+                            .implicit()
+                    strCall.addArgument(valueExpression)
+                    strCall
+                }
+                formattedValConversionRepr -> {
+                    // Repr-String representation: wrap in `repr()` call.
+                    val reprCall =
+                        newCallExpression(
+                                callee = newReference(name = "repr", rawNode = node),
+                                fqn = "repr",
+                                rawNode = node
+                            )
+                            .implicit()
+                    reprCall.addArgument(valueExpression)
+                    reprCall
+                }
+                formattedValConversionASCII -> {
+                    // ASCII-String representation: wrap in `ascii()` call.
+                    val asciiCall =
+                        newCallExpression(
+                                newReference("ascii", rawNode = node),
+                                "ascii",
+                                rawNode = node
+                            )
+                            .implicit()
+                    asciiCall.addArgument(handle(node.value))
+                    asciiCall
+                }
+                else ->
+                    newProblemExpression(
+                        problem =
+                            "Cannot handle formatted value with conversion code ${node.conversion} yet",
+                        rawNode = node
+                    )
             }
-            else ->
-                newProblemExpression(
-                    "Cannot handle formatted value with conversion ${node.conversion} yet",
+        if (formatSpec != null) {
+            return newCallExpression(
+                    callee = newReference(name = "format", rawNode = node),
+                    fqn = "format",
                     rawNode = node
                 )
+                .implicit()
+                .apply {
+                    addArgument(conversion)
+                    addArgument(formatSpec)
+                }
         }
+        return conversion
     }
 
+    /**
+     * Translates a Python [`JoinedStr`](https://docs.python.org/3/library/ast.html#ast.JoinedStr)
+     * into a [Expression].
+     */
     private fun handleJoinedStr(node: Python.AST.JoinedStr): Expression {
         val values = node.values.map(::handle)
         return if (values.isEmpty()) {
diff --git a/cpg-language-python/src/test/kotlin/de/fraunhofer/aisec/cpg/frontends/python/PythonFrontendTest.kt b/cpg-language-python/src/test/kotlin/de/fraunhofer/aisec/cpg/frontends/python/PythonFrontendTest.kt
index 4f8f908227..e95489f9b4 100644
--- a/cpg-language-python/src/test/kotlin/de/fraunhofer/aisec/cpg/frontends/python/PythonFrontendTest.kt
+++ b/cpg-language-python/src/test/kotlin/de/fraunhofer/aisec/cpg/frontends/python/PythonFrontendTest.kt
@@ -38,6 +38,7 @@ import de.fraunhofer.aisec.cpg.graph.types.ObjectType
 import de.fraunhofer.aisec.cpg.graph.types.SetType
 import de.fraunhofer.aisec.cpg.helpers.SubgraphWalker
 import de.fraunhofer.aisec.cpg.passes.ControlDependenceGraphPass
+import de.fraunhofer.aisec.cpg.query.value
 import de.fraunhofer.aisec.cpg.sarif.Region
 import de.fraunhofer.aisec.cpg.test.*
 import java.nio.file.Path
diff --git a/cpg-language-python/src/test/kotlin/de/fraunhofer/aisec/cpg/frontends/python/expressionHandler/FormattedValueHandlerTest.kt b/cpg-language-python/src/test/kotlin/de/fraunhofer/aisec/cpg/frontends/python/expressionHandler/FormattedValueHandlerTest.kt
new file mode 100644
index 0000000000..fe26f34a77
--- /dev/null
+++ b/cpg-language-python/src/test/kotlin/de/fraunhofer/aisec/cpg/frontends/python/expressionHandler/FormattedValueHandlerTest.kt
@@ -0,0 +1,143 @@
+/*
+ * Copyright (c) 2024, Fraunhofer AISEC. All rights reserved.
+ *
+ * Licensed under the Apache License, Version 2.0 (the "License");
+ * you may not use this file except in compliance with the License.
+ * You may obtain a copy of the License at
+ *
+ *      http://www.apache.org/licenses/LICENSE-2.0
+ *
+ * Unless required by applicable law or agreed to in writing, software
+ * distributed under the License is distributed on an "AS IS" BASIS,
+ * WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+ * See the License for the specific language governing permissions and
+ * limitations under the License.
+ *
+ *                    $$$$$$\  $$$$$$$\   $$$$$$\
+ *                   $$  __$$\ $$  __$$\ $$  __$$\
+ *                   $$ /  \__|$$ |  $$ |$$ /  \__|
+ *                   $$ |      $$$$$$$  |$$ |$$$$\
+ *                   $$ |      $$  ____/ $$ |\_$$ |
+ *                   $$ |  $$\ $$ |      $$ |  $$ |
+ *                   \$$$$$   |$$ |      \$$$$$   |
+ *                    \______/ \__|       \______/
+ *
+ */
+package de.fraunhofer.aisec.cpg.frontends.python.expressionHandler
+
+import de.fraunhofer.aisec.cpg.frontends.python.PythonLanguage
+import de.fraunhofer.aisec.cpg.graph.*
+import de.fraunhofer.aisec.cpg.graph.declarations.TranslationUnitDeclaration
+import de.fraunhofer.aisec.cpg.graph.statements.expressions.AssignExpression
+import de.fraunhofer.aisec.cpg.graph.statements.expressions.BinaryOperator
+import de.fraunhofer.aisec.cpg.graph.statements.expressions.CallExpression
+import de.fraunhofer.aisec.cpg.graph.statements.expressions.Literal
+import de.fraunhofer.aisec.cpg.test.analyzeAndGetFirstTU
+import de.fraunhofer.aisec.cpg.test.assertLiteralValue
+import de.fraunhofer.aisec.cpg.test.assertLocalName
+import java.nio.file.Path
+import kotlin.test.assertEquals
+import kotlin.test.assertIs
+import kotlin.test.assertNotNull
+import org.junit.jupiter.api.BeforeAll
+import org.junit.jupiter.api.Test
+import org.junit.jupiter.api.TestInstance
+
+@TestInstance(TestInstance.Lifecycle.PER_CLASS)
+class FormattedValueHandlerTest {
+
+    private lateinit var topLevel: Path
+    private lateinit var result: TranslationUnitDeclaration
+
+    @BeforeAll
+    fun setup() {
+        topLevel = Path.of("src", "test", "resources", "python")
+        analyzeFile()
+    }
+
+    fun analyzeFile() {
+        result =
+            analyzeAndGetFirstTU(
+                listOf(topLevel.resolve("formatted_values.py").toFile()),
+                topLevel,
+                true
+            ) {
+                it.registerLanguage<PythonLanguage>()
+            }
+        assertNotNull(result)
+    }
+
+    @Test
+    fun testFormattedValues() {
+        // Test for a = f'Number: {42:.2f}'
+        val aAssExpression = result.variables["a"]?.astParent
+        assertIs<AssignExpression>(aAssExpression)
+        val aExprRhs = aAssExpression.rhs.singleOrNull()
+        assertIs<BinaryOperator>(aExprRhs)
+        val aFormatCall = aExprRhs.rhs
+        assertIs<CallExpression>(aFormatCall)
+        assertLocalName("format", aFormatCall)
+        val aArguments = aFormatCall.arguments
+        assertEquals(2, aArguments.size)
+        assertIs<Literal<*>>(aArguments[0])
+        assertLiteralValue(42.toLong(), aArguments[0])
+        assertIs<Literal<*>>(aArguments[1])
+        assertLiteralValue(".2f", aArguments[1])
+
+        // Test for b = f'Hexadecimal: {255:#x}'
+        val bAssExpression = result.variables["b"]?.astParent
+        assertIs<AssignExpression>(bAssExpression)
+        val bExprRhs = bAssExpression.rhs.singleOrNull()
+        assertIs<BinaryOperator>(bExprRhs)
+        val bFormatCall = bExprRhs.rhs
+        assertIs<CallExpression>(bFormatCall)
+        assertLocalName("format", bFormatCall)
+        val bArguments = bFormatCall.arguments
+        assertEquals(2, bArguments.size)
+        assertIs<Literal<*>>(bArguments[0])
+        assertLiteralValue(255L.toLong(), bArguments[0])
+        //        assertIs<Literal<*>>(bArguments[1])
+        assertLiteralValue("#x", bArguments[1])
+
+        // Test for c = f'String with conversion: {"Hello, world!"!r}'
+        val cAssExpression = result.variables["c"]?.astParent
+        assertIs<AssignExpression>(cAssExpression)
+        val cExprRhs = cAssExpression.rhs.singleOrNull()
+        assertIs<BinaryOperator>(cExprRhs)
+        val cConversionCall = cExprRhs.rhs
+        assertIs<CallExpression>(cConversionCall)
+        assertLocalName("repr", cConversionCall)
+        val cArguments = cConversionCall.arguments.singleOrNull()
+        assertNotNull(cArguments)
+        assertLiteralValue("Hello, world!", cArguments)
+
+        // Test for d = f'ASCII representation: {"50$"!a}'
+        val dAssExpression = result.variables["d"]?.astParent
+        assertIs<AssignExpression>(dAssExpression)
+        val dExprRhs = dAssExpression.rhs.singleOrNull()
+        assertIs<BinaryOperator>(dExprRhs)
+        val dConversionCall = dExprRhs.rhs
+        assertIs<CallExpression>(dConversionCall)
+        assertLocalName("ascii", dConversionCall)
+        val dArguments = dConversionCall.arguments.singleOrNull()
+        assertNotNull(dArguments)
+        assertLiteralValue("50$", dArguments)
+
+        // Test for e = f'Combined: {42!s:10}'
+        // This is translated to `'Combined: ' +  format(str(b), "10")`
+        val eAssExpression = result.variables["e"]?.astParent
+        assertIs<AssignExpression>(eAssExpression)
+        val eExprRhs = eAssExpression.rhs.singleOrNull()
+        assertIs<BinaryOperator>(eExprRhs)
+        val eFormatCall = eExprRhs.rhs
+        assertIs<CallExpression>(eFormatCall)
+        assertLocalName("format", eFormatCall)
+        val eArguments = eFormatCall.arguments
+        assertEquals(2, eArguments.size)
+        val eConversionCall = eArguments[0]
+        assertIs<CallExpression>(eConversionCall)
+        assertLocalName("str", eConversionCall)
+        assertLiteralValue("42".toLong(), eConversionCall.arguments.singleOrNull())
+        assertLiteralValue("10", eArguments[1])
+    }
+}
diff --git a/cpg-language-python/src/test/resources/python/datatypes.py b/cpg-language-python/src/test/resources/python/datatypes.py
index 6e35b7b7d2..9ad09dcef6 100644
--- a/cpg-language-python/src/test/resources/python/datatypes.py
+++ b/cpg-language-python/src/test/resources/python/datatypes.py
@@ -7,4 +7,5 @@
     "e": "f"
 }
 e = f'Values of a: {a} and b: {b!s}'
-f = a[1:3:2]
\ No newline at end of file
+f = a[1:3:2]
+
diff --git a/cpg-language-python/src/test/resources/python/formatted_values.py b/cpg-language-python/src/test/resources/python/formatted_values.py
new file mode 100644
index 0000000000..1efd3bc4dc
--- /dev/null
+++ b/cpg-language-python/src/test/resources/python/formatted_values.py
@@ -0,0 +1,5 @@
+a = f'Number: {42:.2f}'
+b = f'Hexadecimal: {255:#x}'
+c = f'String with conversion: {"Hello, world!"!r}'
+d = f'ASCII representation: {"50$"!a}'
+e = f'Combined: {42!s:10}'
\ No newline at end of file