Annual Reports
Management Discussion and Analysis Under LODR: What Schedule V Requires and How to Draft One Worth Reading
The MD&A is the one part of an Indian annual report where management has to explain, in its own words, what happened and why. Schedule V Part B of the LODR Regulations lists ten things it must cover, including a rule on key financial ratios that moved 25% or more and a separate one on return on net worth. Here is the requirement clause by clause, the traps in each, and a drafting order that produces an MD&A people finish.