A special report is a financial statement that deviates from standard formats under Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS). These unique reports provide information to specific audiences while maintaining professional standards. Commonly, special reports are used to comply with specific reporting provisions under contractual agreements or regulatory regulations.
This specialized form of reporting involves the auditing of certain elements, accounts, or items in a financial statement. It could be done as a separate engagement, or it may be conducted alongside a normal financial statement audit. Depending on the circumstances, these engagements can involve issues such as an entity that charges rent based on commercial tenants’ sales, as opposed to one fixed rate.
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The goal of a research report is to present some kind of abridged version of the researcher’s systematic investigation. This includes data and findings as well as a summary of previous knowledge in the area under study. The tone of the report is determined by the audience for whom it is intended; for example, for a general audience, a popular research report would be appropriate, whereas a specialized report may use technical and field-specific terms. Ultimately, the research report should present qualitative or quantitative data, and include relevant visual representations to strengthen its credibility. This includes graphs, pie charts, and other related illustrations. Also, the research should be based on first-hand verifiable sources and should cite them. This helps build credibility, especially if the report is submitted to a peer-reviewed journal.