General Principles Regarding Disclosure of Management’s Discussion and Analysis of Financial Condition and Results of Operations

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The corporate collapses that have occurred around the world in recent years have highlighted the need for improved disclosure and transparency. In particular, attention worldwide has focused on the importance of greater transparency in disclosure of financial information, including both the financial statements and accompanying disclosure, often referred to as Operating and Financial Review (OFR) or as Management’s Discussion and Analysis (MD&A). In light of the current regulatory focus internationally on MD&A-type disclosure, the Technical Committee of IOSC has identified several principles as useful guidance for issuers in preparing MD&A-type disclosure and for regulators in reviewing such disclosure.