The SEC´s Interpretive Release on MD&A

Originally published January 11, 2004

On December 19, 2003, the SEC issued an interpretive release on the disclosure requirements known as Management’s Discussion and Analysis of Financial Condition and Results of Operations. See Interpretation: Commission Guidance Regarding Management’s Discussion and Analysis of Financial Condition and Results of Operations, Release Nos. 33- 8350; 34-48960. MD&A is the centerpiece of SEC filings on Form 10-K and 10-Q as well as SEC registration statements for the sale of securities. The Release does not change existing disclosure requirements for MD&A. Rather, its purpose is to present the SEC’s views on how