A SitRep or situational or situation report was derived from the military during the Vietnam war era, and it is a good way to assess and understand the situation, understand any actions taken and still needs action, and anything else that may pertain to the situation so anyone and everyone can be updated. It is a good way to communicate in minimal time what the situation is, how to prioritize action items, and get things accomplished.
I have seen very comprehensive and/or complicated SitRep templates, and I like to keep it simple to make completion of communication forms fast. If a more complicated form is requested by everyone, I can create a long form of the SitRep that will be double sided. But the simple version covers everything I need and I can usually complete these in a few minutes. Here is the link to the SitRep template for my Patreon members.