All of the following items should be discussed in the management discussion and analysis except for: All of the following items should be discussed in the management discussion and analysis except for: It is unlikely that management can manipulate the bottom line due to the regulations in place to enforce GAAP. Financial information should be useful both to assess the past and predict the future. Financial statements should reflect an accurate picture of a company's financial condition and performance. The closer that the picture presented through the financial data is to reality, the higher the quality of financial reporting