[via diJEST: a journal of extrapreneurial strategy and technology] Reporting a project's status upward shouldn't take more than 5 minutes. The technique is to boil everything down to a well structured, bullet-heavy, one-pager you can forward weekly or monthly. Flash reports, if timely and shared electronically, can eliminate a program management round-table meeting every week… (link)

Also see this post for some great flash-reporting tips. This is an area I struggled with in my last two positions – knowing how to report my project's status and how much to report.