CSA NI 51-102 — MD&A

Overview

Draft and validate Management’s Discussion & Analysis for Canadian reporting issuers under NI 51-102 Part 5 and Form 51-102F1. Ensures required themes and period-over-period discussion for SEDAR+ filing.

Example Conversation

You: We need to draft our annual MD&A for NI 51-102. We have prior-year numbers and want results of operations, liquidity, related party transactions, and critical accounting estimates with period-over-period discussion. Can you structure it and validate it?

Agent: I’ll draft the MD&A per Form 51-102F1: results of operations, liquidity and capital resources, related party transactions, and critical accounting estimates with period-over-period comparison. I’ll then run validate_ni51102_mda on the draft.

Agent: Created mda-draft.md. Running validate_ni51102_mda…

Agent: Check PASS — the document covers required themes (results of operations, liquidity, related party, critical estimates), has period-over-period discussion, and no placeholders. You can file on SEDAR+ after final review.

What the Tools Validate

validate_ni51102_mda checks the MD&A draft for:

• Required themes — Results of operations, liquidity and capital resources, related party transactions, critical accounting estimates (per Form 51-102F1 / NI 51-102 Part 5).
• Period-over-period comparison — Prior period comparison or quantified variance discussion.
• Placeholders — Flags [TODO], TBD, or similar placeholders to replace before SEDAR+ filing.

Output: PASS when there are no errors or warnings; otherwise FAIL with a findings list. Fix flagged items and re-run until the check passes.

Output Excerpt

MD&A (excerpt):

## Results of Operations

Revenue for the year ended December 31, 20XX was $X.X million, an increase of 15% compared to the prior year. The increase was primarily driven by [quantified drivers]. Cost of revenue increased 10% period-over-period...

## Liquidity and Capital Resources

We had $X.X million in cash and equivalents. Cash flow from operations was $X.X million. We have no material off-balance-sheet arrangements...

## Related Party Transactions

[Disclosure of material related party transactions as required.]

## Critical Accounting Estimates

Our critical accounting estimates include [topic]. We apply [methodology]. A change in [assumption] could result in [sensitivity].

validate_ni51102_mda report (excerpt):

=== CSA NI 51-102 MD&A (Form 51-102F1) VALIDATION ===
Document: mda-draft.md
--- SUMMARY ---
  Errors: 0
  Warnings: 0
  Info: 0
Result: PASS

Getting Started

Add your source materials to the project workspace (prior-year MD&A, financials), then activate the CSA NI 51-102 — MD&A skill. The agent will guide you through drafting and validating with validate_ni51102_mda.