The Management Discussion and Analysis section of an annual report addresses corporate performance for the year, and sometimes uses financial ratios to support its claims.

Address: www.ibm.com/investor/tools/index.phtml

Steps 1. Choose Guide to Annual Reports.

2. Choose Anatomy of an Annual Report.

Instructions Respond to one the following in detail. Using the information from the above site, answer one of the following questions in detail.

(a) What are the optional elements that are often included in an annual report?

(b) What are the elements of an annual report that are required by the SEC?

(c) Describe the contents of the Management Discussion.

(d) Describe the contents of the Auditors' Report.

(e) Describe the contents of the Selected Financial Data.