A special report is a customized financial report that deviates from the standard format of Generally Accepted Accounting Principles. It addresses specific information needs while maintaining professional standards and is usually used to comply with contractual agreements or regulatory provisions. These unique reports can include certain sections, accounts, or items of a financial statement.
The NBC news program Special Report is broadcast from the network’s studio in Washington, D.C. The show is currently hosted by Bret Baier and previously by Brit Hume, who left the show in December 2008. Special Report is also known for its use of breaking news events, such as natural disasters or terrorist attacks, which elicit widespread coverage and require multiple stations to interrupt regular programming with continuous news tickers.
In journalism, a special report is an in-depth and thorough investigation into a particular subject matter. This may be a political issue that involves corruption, or it can be a technical subject that requires specialized knowledge and expertise to understand. Regardless of the topic, a well-written and researched special report can increase an journalist’s credibility and provide valuable insight for their audience.
Another example of a special report is an agreed-upon procedures engagement, which is when an auditor performs certain processes and procedures and expresses no opinion on the financial statements. The auditor should add an explanatory paragraph to the financial statements (immediately following the opinion paragraph) if they determine that a change in accounting principles or in the method of applying those principles has occurred. This should also be explained in the note to the financial statements that describe the basis of presentation and discuss any significant interpretations (see paragraph.31).
