Form 10-K Series - Management’s Discussion and Analysis (MD&A)

Author: Kelen Camehl

This course provides an in-depth look at Management’s Discussion and Analysis (MD&A), highlighting its critical role as a narrative supplement to financial statements that offers essential context for understanding a company's financial performance and position. It covers key elements of MD&A, such as liquidity, capital resources, and results of operations. The course also presents best practices for drafting effective MD&A as well as common challenges, including managing forward-looking statements, estimating critical accounting estimates, and navigating legal considerations.

Publication Date: March 2025

Topics Covered

• Purpose and Importance of MD&A
• SEC Requirements Related to MD&A
• Liquidity and Capital Resources
• Results of Operations
• Critical Accounting Estimates
• Use of Non-GAAP Measures in MD&A
• SEC's Watchful Eye on MD&A
• Best Practices for Drafting MD&A
• Common Challenges in MD&A

Learning Objectives

• Identify key elements of MD&A
• Explain how to distinguish between liquidity and capital resources in MD&A
• Recognize best practices for drafting effective MD&A disclosures
• Identify common challenges in MD&A reporting
• Recognize the significance of critical accounting estimates in MD&A

Level
Overview

Instructional Method
Self-Study

NASBA Field of Study
Accounting (1 hour)

Program Prerequisites
None

Advance Preparation
None