Which of the following statements is correct regarding reporting of special events and related direct costs under current FASB standards? All special events may be reported net of related direct costs. Special events must be reported net of related direct costs, even if they are of a peripheral or OB. incidental nature. Expenses of promoting and conducting special events should be netted directly against special OC events revenue. Special events and related direct costs must be reported separately at their gross amounts if OD. they relate to the ongoing major operation of an NPO