A special report is a customized financial report that deviates from standard reporting, oftentimes being done in addition to a standard audit. These unique reports are prepared for specific purposes or users, while maintaining professional standards and clarity. They are oftentimes used when an entity needs to comply with different reporting provisions of another government regulatory agency, such as tax basis accounting.
Special reporting is a formal review of the specified elements, accounts, or items in a financial statement that are outside the scope of Generally Accepted Accounting Principles (GAAP). This type of engagement can be performed independently or alongside a standard audit and is commonly referred to as an agreed-upon procedures engagement. It may also be required to demonstrate compliance with certain aspects of contractual agreements or regulatory provisions related to audited financial statements.
During breaking news coverage, a special report may be provided by a network to provide analysis about the current situation in a concise and clear format for its audience. These can be in the form of live interviews, phone or video calls, written or audio transcripts. This is a common practice when a significant story unfolds or if regular programming is suspended, such as when an aircraft or helicopter has gone missing. During this time, networks oftentimes change their lower thirds and add graphics to convey the seriousness of the event. This is to allow their viewers to stay informed about the latest developments.