In the context of research, a special report is a publication that summarizes findings and results from systematic investigations. The report typically presents first-hand verifiable information that is well structured with relevant headings and sections. Graphs and other visual representations are often used in these publications to convey important information in a more concise manner. Special reports are usually written in formal language and are intended to be used for academic and research purposes.
A specialized financial report that deviates from the standard format of Generally Accepted Accounting Principles to address unique information needs. These unique reports may be used to comply with contractual agreements or regulatory provisions. Special reports should be able to maintain professional standards and clarity while providing targeted information beyond the scope of standard financial statements.
Breaking news events that are worthy of extended coverage are often covered as a special report in television and radio broadcasting. During these events, stations will display the story in a ticker and interrupt regular programming for extended coverage. Special reports are often accompanied by additional analysis from in-studio reporters and analysts or via satellite or broadband.
If a special report is issued on an entity’s financial presentation that is prepared in accordance with a basis of accounting other than GAAP, the auditor should include an explanatory paragraph in the opinion (immediately following the title paragraph) that describes the effect of the change on the reporting, including the specified elements, accounts, and items. See AT section 201, Agreed-Upon Procedures Engagements for guidance on reporting in this situation.