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
Instructor
Kelen Camehl
Kelen is a recognized author and reviewer of CPE courses and has authored over 145 courses (350 CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. His courses are available for purchase from many online CPE providers including the AICPA. Kelen remained involved in CPA exam content development for nearly 10 years and authored more than a thousand multiple choice questions for various sections of the CPA exam. He also serves as an Editorial Advisor for the AICPA’s "Journal of Accountancy".
Kelen has nearly 20 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Advisor with HP. Prior to HP, he served in multiple accounting roles in the oil & gas industry with ConocoPhillips including technical accounting policy, SOX compliance, and internal audit. He also gained public accounting experience with PricewaterhouseCoopers, working with various clients in the energy, electric, power, gas, and utility sectors.