Is it acceptable to write reports in the IEEE standard paper format? I am an undergrad engineering student working on some project with my colleagues , and we are asked to submit a report by the end of it.
So is it a good thing to write the report in the IEEE standard paper format.
http://www.ieee.org/documents/MSW_A4_format.doc

If not, what are some other standards forms that we may use?

This might not be the most suitable place for this question but I figured out that there could be a lot of professors and instructors here.
As an EE student, I used to submit reports in IEEE format (if none was specified by the instructor). So yes, it's perfectly acceptable in my experience.

However, some professors prefer more whitespace so they can write comments while grading student reports. I therefore switched to the Springer Lecture Notes in Computer Science format, which has much larger margins.