Editing Financial statement (section)

==Management discussion and analysis==
Management discussion and analysis or MD&A is an integrated part of a company's annual financial statements. The purpose of the MD&A is to provide a narrative explanation, through the eyes of management, of how an entity has performed in the past, its financial condition, and its future prospects. In so doing, the MD&A attempt to provide investors with complete, fair, and balanced information to help them decide whether to invest or continue to invest in an entity.<ref>[http://www.cica.ca/research-and-guidance/mda-and-business-reporting/index.aspx MD&A & Other Performance Reporting]</ref>

The section contains a description of the year gone by and some of the key factors that influenced the business of the company in that year, as well as a fair and unbiased overview of the company's past, present, and future.

MD&A typically describes the corporation's [[Accounting liquidity|liquidity position]], capital resources,<ref>{{Cite web |url=http://www.nikoresources.com/2002manage.html |title=Nico Resources Management's Discussion and Analysis |access-date=2014-02-19 |archive-url=https://web.archive.org/web/20061115081547/http://www.nikoresources.com/2002manage.html |archive-date=2006-11-15 |url-status=dead }}</ref> results of its operations, underlying causes of material changes in financial statement items (such as asset impairment and restructuring charges), events of unusual or infrequent nature (such as [[mergers and acquisitions]] or [[share buyback]]s), positive and negative trends, effects of [[inflation]], domestic and international market risks,<ref>{{Cite web |url=http://www.pepsico.com/Annual-Reports/1998/financial/analysis.html |title=PepsiCo Management's Discussion and Analysis |access-date=2014-02-19 |archive-url=https://web.archive.org/web/20120319194828/http://www.pepsico.com/Annual-Reports/1998/financial/analysis.html |archive-date=2012-03-19 |url-status=dead }}</ref> and significant uncertainties.