Special report is a term used in journalism to describe an in-depth and thorough piece that investigates a particular subject. Often, these investigations involve exposing wrongdoing or corruption and require a level of expertise and understanding that not all journalists have. Specialized reporting can increase a journalist’s credibility and help them provide valuable insight into complex subjects for their audience.
In financial reporting, a special report is a customized report that deviates from the standard format of Generally Accepted Accounting Principles (GAAP). These reports address unique information needs while maintaining professional standards and clarity. For example, a nonprofit may create a special report for a major donor showing how their $5 million grant was used across different programs, including detailed cost allocations and outcome measurements.
A special report can also be prepared when an entity is required to comply with different reporting provisions of another government regulatory agency, such as tax basis accounting. In these cases, the auditor should add an explanatory paragraph to the financial presentation (or to specified elements, accounts, or items of the statement) that discusses the change and explains why it does not qualify as a material change in accounting principles.
The term special report can also refer to a scientific paper that presents the results of systematic investigations and analyzes existing knowledge on the topic. Such papers should present first-hand verifiable data in a clearly structured format and contain tables, graphs and other visual representations. Authors should include a literature review on the topic as well as a discussion of how the current research contributes to the field. A special report should also include a clear explanation of any limitations of the investigation.
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