Operating and Financial Review (OFR)

Definition:

A narrative explanation, provided in an offering document or Annual Report of the main trends and factors underlying the development, performance and position of an entity during the financial year covered by the financial statements. It is normally less detailed than the Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A), although market practice has expanded the scope of OFRs to bring them closer to the scope of disclosure in MD&As (primarily driven by investor demand and market practice in Rule 144A Offerings).

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