A special report is an in-depth, comprehensive piece of journalism that covers a unique topic. These reports may involve exposing wrongdoing or corruption and require an investigative mindset that not all journalists have. Specialized reporting can increase the credibility of a journalist and provide valuable insight into complex subjects for their audience.
In the context of news, a special report is a television or radio program that covers a breaking story. These programs typically interrupt regular programming to provide the latest updates on an event. They often feature interviews with politicians, newsmakers, and celebrities. Depending on the severity of the story, special report coverage can last for hours or even days. These programs may also be branded with an introductory graphic that replaces the normal station imaging or program reminder.
The term special report is also used to describe a type of financial report that deviates from the standard format of Generally Accepted Accounting Principles. These unique reports are normally issued to comply with contractual agreements or regulatory provisions. Special reporting can be a standalone engagement or can be done alongside a routine audit of an entity’s financial statements.
When a special report is presented on an entity’s financial statements, it is recommended that the auditor add a paragraph to the opinion section of the report that describes the basis of presentation. This could include a statement that the entity’s financial statements are presented in conformity with another comprehensive basis of accounting (such as cash basis or equity method) and that those financial statements should be read in conjunction with the entity’s financial statements prepared on a GAAP basis.