Series 50: Management’s Discussion And Analysis (MD&A)

Taken from our Series 50 - MSRB Municipal Advisor Representative Qualification Exam

Definition of the term Management’s Discussion And Analysis (MD&A)...

a section of the Comprehensive Annual Financial Report (CAFR) that summarizes the major events of the year for the municipality; describes and discusses the financial statements; compares the current financial year to the previous one, explaining any significant differences between the two; and discusses the overall financial health of the government.

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