Regarding external financial reporting for governmental units, the Management Discussion and Analysis will normally be located in the notes to the financial statements.

Question

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The Management Discussion and Analysis (MD&A) is a required section of a governmental unit's annual financial report that precedes the financial statements, not in the notes to the financial statements. It provides an overview and analysis of the financial activities of the entity and is intended to give readers a narrative introduction to the financial statements.

Regarding External Financial Reporting for Governmental Units, the Management Discussion