when management prepares this section they are aware that this information is going to be publicly available this means that competitors will be able to extract information on the company s strategy therefore in addition to wanting to paint a rosy picture the company wants to be as secretive as possible without revealing information that could take away its competitive advantage 
last the md a section is entirely up to management interpretation this means a company may interpret data one way when in reality the markets will play out an entirely differently way even if management puts forth a projection to the best of its knowledge its analysis is still prone to error and may not materialize example of md athe images below are from amazon s 2021 10 k filing in item 7 of the notes to its financial statements the company provides a forward looking projection of what s to come for the company you ll note that to protect intellectual property and not reveal too many strategic plans the wording in this section is a bit vague next amazon provides an overview of operations this includes the primary sources of income its strategic financial focus and other means of success again the company provides some insights into operations without revealing too many strategies that companies can directly steal there are other sections after the critical accounting judgements section but this is the last example shown here this section confirms that the financial statements have been prepared in conformance with gaap and explains how management arrived at certain estimates 