Management’s Discussion and Analysis (Insights from the investment community)
MD&A should be a discussion and analysis of the company’s business rather than simply a recitation of the financial statements, and changes therein, in narrative form. The guidance on the preparation of MD&A directs management to consider, where appropriate, explaining the underlying factors that caused the changes in financial statement results and the interrelationships between results. In short, management should consider disclosure of an analysis of why something happened, not simply that it happened.