Management's discussion and analysis

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Management's discussion and analysis (MD&A)

A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial statements in the annual report.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Management's Discussion and Analysis

In a stockholder's report, a summary at the beginning stating what the management believes about the company's previous year or quarter. Generally speaking, management's discussion and analysis state the "bottom line" while the remainder of the report contains more detailed financial information. For example, the discussion and analysis may contain a brief essay stating, "Our company is healthy for reasons A, B, and C

." At the conclusion of that essay, the stockholder may view the financial statement.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved