projX and PMBOK use the Status Report as the mechanism for the Project Manager to periodically report project status to project leadership. The Status Report, or a portion thereof, can be shared with other stakeholders to apprise them on various aspects of project status. The Status Report is informative, and is intended to update stakeholders with the context of the project, including the status of risks, issues, decisions, work progress, resourcing, and all other facets of the project.
The Status Report is synonymous with the Highlight Report, and the names are used interchangeably in TCP. PMBOK uses Status Reports, which are something typically avoided in Agile.