Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) | Practical Law

Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) | Practical Law

Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)
Glossary

Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)

Also known as the MD&A. The section of the prospectus, offering memorandum, annual report on Form 10-K or Form 20-F, or quarterly report on Form 10-Q discussing and analyzing the company's financial condition and results of operations. The MD&A typically includes period-to-period comparisons of:
  • The three most recent fiscal years and the current fiscal year to date compared to the corresponding period in the prior year, for a prospectus or offering memorandum.
  • The three most recent fiscal years, for a Form 10-K or Form 20-F.
  • The most recent quarter compared to the corresponding quarter in the prior year and, if applicable, the current fiscal year to date compared to the corresponding period in the prior year, for a Form 10-Q.
For more information, see Practice Note, Preparation of Management's Discussion and Analysis of Financial Condition and Results of Operations and MD&A Checklist: What Every Lawyer Needs to Ask.