In the context of research, a special report is a summary of findings and results based on systematic investigations. It contains a description of the aims and objectives of the research, an analysis of existing literature and includes the implications of the research for the body of knowledge on the subject. Creating a special report requires understanding specific information needs and reporting objectives while maintaining professional standards and clarity.
Occasionally, an entity may need a financial report that deviates from the standard format of Generally Accepted Accounting Principles (GAAP). This type of specialized report is called a special report. These reports may be needed to meet certain requirements in contractual agreements or regulatory provisions. Special reports also are used when an entity wants to present its financial statements on a basis that differs from GAAP, such as a price level basis of accounting. In this case, the auditor should add an explanatory paragraph to the report that describes the basis of presentation and indicates that the financial statements are not presented in conformity with a comprehensive basis of accounting. See AT section 201, Agreed-Upon Procedures Engagements, for guidance on these situations.
The FT delivers expert analysis of the big issues impacting business and finance in compelling print, video and digital formats that are trusted by the world’s business leaders. This content is editorially independent, with no influence from commercial partners.