In August 1999,the Financial Accounting Standards Board issued a report supporting its proposed decision to eliminate the pooling of interests method to account for business combinations.

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This statement is true. The Financial Accounting Standards Board did issue a report in August 1999 supporting its proposed decision to eliminate the pooling of interests method to account for business combinations. This resulted in the adoption of the purchase method as the standard for accounting for business combinations.

In August 1999,the Financial Accounting Standards Board Issued a Report