Management's Discussion and Analysis (MD&A) is required in annual reports filed (Securities and Exchange Commission) and the typical items included are A Management's analysis and explanations of any significant changes between the current and prior years' financial statements. B, important accounting principles or policies that could affect interpretation of the financial statements, including the effect of changes in accounting principles or the adoption of new accounting principles C. Management's assessment of the company's liquidity and the availability of capital to the company and significant risk exposures that might affect the company D. Any "off-balance-sheet' arrangements such as leases not included in the financial statements E All of the above