# Management Discussion & Analysis

*Accounting & Reporting — Finicade finance glossary*

MD&A is management's own narrative explanation of results, trends, liquidity and known uncertainties. It's the most readable part of an annual report and the most rhetorically constructed. The productive way to read it is comparatively: line up this year's against last year's and watch which risks appeared, which explanations changed, and which metrics quietly stopped being mentioned.

**Also known as:** MD&A, management commentary, operating and financial review

**Related terms:** [Form 10-K](https://finicade.com/glossary/form-10-k), [Notes to the Financial Statements](https://finicade.com/glossary/notes-to-the-financial-statements), [Disclosure](https://finicade.com/glossary/disclosure), [Financial Statements](https://finicade.com/glossary/financial-statements), [Non-GAAP Earnings](https://finicade.com/glossary/non-gaap-earnings)

Source: https://finicade.com/glossary/management-discussion-and-analysis