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Special Report

[ˈspɛʃəl rɪˈpɔrt]

What is the definition of Special Report?
A report issued by auditors related to various types of financial presentations, including financial statements prepared in accordance with a comprehensive basis of accounting other than generally accepted accounting principles, specified elements or items of financial statements, compliance with contractual or regulatory requirements, or financial information presented in a specific prescribed form that necessitates a particular type of auditor's report.
Using Special Report in an Example

An auditor may issue a special report for a company that prepares its financial statements according to tax accounting rules rather than GAAP, detailing the differences and compliance with the tax basis of accounting.

Using Special Report in a sentence

During the meeting, the auditor presented a special report on the company's compliance with the loan covenants as stipulated in the contractual agreement with the bank.

Related Terms

Surviving Spouse

A person whose spouse has died within the tax year and who may file a joint tax return for that year. Additionally, the surviving spouse can file joint returns for the next two years if they remain unmarried and maintain a household as the principal residence for a dependent child.
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Swap

A financial contract in which two parties agree to exchange streams of payments over a specified period, based on different indices such as interest rates, foreign exchange rates, or equity indices, applied to a notional amount. Swaps typically do not involve the exchange of principal.
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