A special report is a piece of journalism that delves into an in-depth subject matter. It may be about a political topic, or it could be a technical issue that requires high levels of knowledge and expertise to address. These reports are typically published in newspapers or magazines. They can be abridged versions of research reports that present first-hand verifiable information and include graphs and other visual representations. Special report articles are often written with the target audience in mind, as they determine the tone of the article and how much information to include. If the audience is general, a report should be written in a more relatable and simple manner, while one meant for a specialized audience may require use of more technical terms and jargons.
A financial special report is a type of report that deviates from the standard format of Generally Accepted Accounting Principles. These unique reports are designed to meet specific information needs, and can be used alongside a standard audit. They may also be used to comply with regulatory provisions such as tax basis reporting.
A special report can be an important document for a company, as it provides an opportunity to highlight a significant interpretation or modification to the existing reporting framework. However, companies should make sure that any special report is prepared by an experienced auditor to ensure that the resulting opinion provides reasonable assurance that the financial statements are free of material misstatement.