MD&A guide
A canadian Performance Reporting Board publication
Preface
The Canadian Institute of Chartered Accountants (CICA) established the Canadian
Performance Reporting Board (CPRB) to advance the measurement and reporting of organizational performance outside of financial statement reporting.
In support of its mission, the CPRB publishes guidance materials to assist preparers and thought-leadership documents that raise awareness about issues or that report the results of environmental scans and research.
Building A Better MD&A — A Guide For Smaller Issuers supplements the CPRB’s earlier material Management’s Discussion and Analysis: Guidance on Preparation and Disclosure that was published in 2004. Building A Better MD&A — A Guide For
Smaller Issuers is intended to assist senior management and boards of directors in maximizing the usefulness of their MD&A for investors. While it is targeted at smaller companies, the CPRB believes it may also be useful for larger entities.
The CPRB welcomes comments about this guidance. They should be addressed to:
Chris Hicks, CA, Principal, Knowledge Development
The Canadian Institute of Chartered Accountants
277 Wellington Street West
Toronto, Ontario, M5V 3H2
Comments may also be sent by e-mail to md&a.info@cica.ca.
November 2007
Table of Contents
1. Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
2. Preparing the MD&A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
2.1 Where to Start. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
2.2 Helpful Hints . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
2.3 Suggested Reporting Calendars. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
3. MD&A Disclosures Most Important to
Preface
The Canadian Institute of Chartered Accountants (CICA) established the Canadian
Performance Reporting Board (CPRB) to advance the measurement and reporting of organizational performance outside of financial statement reporting.
In support of its mission, the CPRB publishes guidance materials to assist preparers and thought-leadership documents that raise awareness about issues or that report the results of environmental scans and research.
Building A Better MD&A — A Guide For Smaller Issuers supplements the CPRB’s earlier material Management’s Discussion and Analysis: Guidance on Preparation and Disclosure that was published in 2004. Building A Better MD&A — A Guide For
Smaller Issuers is intended to assist senior management and boards of directors in maximizing the usefulness of their MD&A for investors. While it is targeted at smaller companies, the CPRB believes it may also be useful for larger entities.
The CPRB welcomes comments about this guidance. They should be addressed to:
Chris Hicks, CA, Principal, Knowledge Development
The Canadian Institute of Chartered Accountants
277 Wellington Street West
Toronto, Ontario, M5V 3H2
Comments may also be sent by e-mail to md&a.info@cica.ca.
November 2007
Table of Contents
1. Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
2. Preparing the MD&A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
2.1 Where to Start. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
2.2 Helpful Hints . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
2.3 Suggested Reporting Calendars. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
3. MD&A Disclosures Most Important to