# Commission Guidance Regarding Management's Discussion and Analysis of Financial Condition and Results of Operations
> **US Securities and Exchange Commission** · Interpretation. · Published 2003-12-29 · 68 FR 75056
## Document
- **Document number:** 03-31802
- **Category:** other
- **Agency:** US Securities and Exchange Commission
- **Federal Register citation:** 68 FR 75056
- **CFR reference:** 17 CFR 211
- **Publication date:** 2003-12-29
- **Docket:** Release Nos. 33-8350
## Abstract

The Commission is publishing interpretive guidance regarding the disclosure commonly known as Management's Discussion and Analysis of Financial Condition and Results of Operations, or MD&A, which is required by Item 303 of Regulation S-K, Items 303(b) and (c) of Regulation S-B, Item 5 of Form 20-F and Paragraph 11 of General Instruction B of Form 40-F. This guidance is intended to elicit more meaningful disclosure in MD&A in a number of areas, including the overall presentation and focus of MD&A, with general emphasis on the discussion and analysis of known trends, demands, commitments, events and uncertainties, and specific guidance on disclosures about liquidity, capital resources and critical accounting estimates.

## Source
- [Federal Register document](https://www.federalregister.gov/documents/2003/12/29/03-31802/commission-guidance-regarding-managements-discussion-and-analysis-of-financial-condition-and-results)
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