Does anyone know how/if I can create a report that tells when the status of a project changed?

It feels like we should be able since status changes are time stamped in the updates tab as system updates. I had a report that a consultant helped me create that utilizes the Project: Last Update Date field and the Project: Status field. The thought was that since we were mainly concerned with when a project changed to "Dead" (Cancelled) or "On Hold". It just seems strange that this would be such a big challenge because I doubt we are the only company that needs to notify leadership when a project is cancelled or paused.