Exelon 2001 Annual Report Download - page 54

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52
Report of Independent Accountants
To the Shareholders and Board of Directors of Exelon Corporation:
In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of income, cash flows
and changes in shareholders’ equity and comprehensive income present fairly, in all material respects, the financial position
of Exelon Corporation and Subsidiary Companies (Exelon) at December 31, 2001 and December 31, 2000, and the results of
their operations and their cash flows for each of the three years in the period ended December 31, 2001 in conformity with
accounting principles generally accepted in the United States of America. These financial statements are the responsibility of
Exelon’s management; our responsibility is to express an opinion on these financial statements based on our audits. We
conducted our audits of these statements in accordance with auditing standards generally accepted in the United States of
America, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
As discussed in Note 2 to the consolidated financial statements,Exelon acquired Unicom Corporation on October 20, 2000
in a business combination accounted for under the purchase method of accounting. The results of Unicom Corporation are
included in the consolidated financial statements since the acquisition date.
As discussed in Note 5 to the consolidated financial statements, Exelon changed its method of accounting for nuclear
outage costs in 2000. As discussed in Note 1 to the consolidated financial statements, Exelon changed its method of
accounting for derivative instruments and hedging activities effective January 1, 2001.
Chicago, Illinois
January 29, 2002, except for Note 25 for which the date is March 1, 2002.