A list of the team's accomplishments during the reporting period should also be in included. Think of the status report as a way of self-promotion and team promotion. If a team member did a great job, acknowledge them in the report. Don't, however, lie on a status report. If you encountered difficulties, highlight them and propose necessary solutions. If you overcame the problems, show how you resolved the issue.
Try to keep your report on the positive side. This isn't the place to whine about things. Use action words like completed, improved, fixed and corrected.
The next section should be all about what you plan on doing during the next reporting period. It can include tasks that were started and haven't yet been finished or projects on which you are getting ready to start. You should mention proposed projects or timeframes, and what has changed in the project plan and/or budget. This is also a good area to discuss any potential or current problems and whether or not assistance is needed from management.