In the USA, the section in the annual report to stockholders and in Form 10-K that is required by the Securities and Exchange Commission. The purpose of the MD&A is to assist investors to understand the impact of changes in accounting and business activity that have affected comparisons with the results of previous years.
MD&A (Management Discussion and Analysis) provides a narrative explanation of a company's financial statements, offering insights into the company's performance, financial condition, and future outlook in a comprehensive manner.
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