The Use of Exposure Draft (ED) and Letter of Intent (LOI)
Justification and application of (ED) and LOI said Mootze (1970) is to enable various professional associations
and users of financial statements all over the world to first analyze the accounting implication and adopt a
uniform position before the publication of Generally Accepted Accounting Principle (GAAP). This however,
will encourage uniformity, comparability and convertibility of financial statement in different currencies across
national boundaries, -Robert, (1999) and Adeniyi (2004)