This document provides guidance on drafting a compliant Management Discussion and Analysis (MD&A) section for quarterly financial reports. It discusses that the MD&A should cover the most recent quarter, completed fiscal year, and prior year quarter. Key elements that should be included are identification and analysis of material changes, materiality testing, comparisons of financial condition and performance to prior periods, and causes of material changes. The MD&A should provide an executive overview of the company and key financial indicators to help readers understand operations and financial conditions.