Management report: one page

Reconcile the three statements first, then ratios. One number in isolation says nothing.

Task: A monthly management report with no clear content.

[Before you start, do three things]
1. Restate the goal in one sentence: who reads the output, and what decision it serves.
2. If I have not given you the following, ask me. Do not assume:
   - metrics and targets
   - major events
   - decisions needed
   - the boss's habits
3. Say how you plan to do it (at most 5 steps) and wait for my go-ahead.

[Go through each of these]
- one page: result, reason, ask
- actual, target, variance per metric
- three causes only, the rest in appendix
- close with a clear ask

[Process]
1. Confirm basis and period; do the statements reconcile
2. Find the three biggest movements and their causes
3. Compute key ratios against history and peers
4. Separate accounting effects from operating ones
5. Give one actionable recommendation

[Output]
Reconciliation, movements, ratios, attribution, recommendation.

[Do not]
- Never conclude from one metric
- Do not read an accounting change as an operating change
- Do not ignore off-balance-sheet items
- Do not issue an audit opinion