Deeper review than flux, with a broader comparison base. Sits after close rather than during it, and the analytical work — assembling drivers, testing which explain the variance — is repetitive assembly around a judgement.
The explanation, which is versioned because the first draft is explicitly not expected to be final.
Assert causation. The framing must be candidate contributors, and the data usually cannot support more than that.
Actuals; budget and forecast; prior period; transaction detail; prior explanations
Variance report with likely drivers surfaced and a versioned draft explanation