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Case Competition and Case Studies


Find current and historical annual reports for companies from all over the world.

What's in an MD & A

Management's explanation of events affecting the company's performance and management's expectations for the coming year, including:

  • core business
  • objectives and strategy
  • capability to deliver results - resources, risks and relationships
  • results and outlook
  • key performance measures and indicators

Adopted from: Management's Discussion and Analysis-Guidance on Preparation and Disclosure (Chartered Professional Accountants Canada-CPA. 2014)

American Filings

The Securities & Exchange Commission (SEC) is the national regulator that public companies must file with. All filings are found in the EDGAR database. Who files?

  • U.S. public parent companies
  • International companies with securities traded in the U.S. must also file (20F)

Most frequently referenced filings: (Note: Annual Reports are NOT an SEC Filing)

  • 10K = company's annual financials (THE major filing)
  • 10Q = company's quarterly financials
  • 8K = disclosure of unscheduled significant events
  • DEF 14A (Proxy Statement) = matters voted on at annual shareholders meeting
  • 20F = annual filing of non U.S. public parent companies trading in the U.S.

For more Information on SEC filings see the Form types section on the SEC's Using EDGAR to Research Investments page.