It is not only possible to do highly readable transcription (pleasing to a client) with ASCII text, it is preferable due to the simplification of the format and less typing that a transcriptionist will have to do to in order to transcribe a report.
Here are some examples of an ER report:
An HTML formatted version (which faithfully reproduces an ASCII text file).
Or download an actual ASCII text file of a sample report (you may need to click on this link with your right mouse button and save the "target" to disk in order to download the file).