Sum IF or something else

Mihail_C 

You can use the new preview feature for 'Dynamic format string for measures' to accomplish what you are looking for. 
Go to File > Options and settings > Options and enable the feature:

There is more information about the feature here:  https://learn.microsoft.com/en-us/power-bi/create-reports/desktop-dynamic-format-strings

Then you have a measure that sums up your budget amount and also has the dynamic formatting code.

Measure:

Budget Amount = SUM ( FinMgmt_FY23[Budget] )

Format:

SWITCH (
    SELECTEDVALUE ( FinMgmt_FY23[Report Type] ),
    "ASSET", "#,0",
    "#,0,. K"
)

Here is what the formatted measure looks like vs the raw data:

I have attached my sample file for you to look at. 

Finally, a shout out to parry2k  for his excellent video on number formatting using the new feature.  https://www.youtube.com/watch?v=tTNkPesnx5M