The utility of density functional theory (DFT) to simulate the energet
ics of intermolecular rearrangement, dissociation energy, and, as well
as the fine topological features of the molecular charge distribution
has been tested for the formic acid dimer. The equilibrium and transi
tion state structures are optimized using adiabatic connection method
(ACM) and the barriers to the double proton transfer reaction have bee
n also evaluated. The ACM results are compared with those obtained fro
m SCF, MP2 and various DFT functionals. Preliminary results indicate t
hat there is perhaps a significant role of the correlation effects in
determining the barrier height for this reaction. The formic acid dime
r dissociation energies calculated from the non-local gradient correct
ed or ACM functionals are in reasonable agreement with experimental es
timates. Comparison of the DFT, SCF and MP2 electrostatic molecular po
tentials derived from cumulative atomic multipole moments (CAMM) for t
he formic acid dimer indicates that the correlation effects are reprod
uced correctly, providing that DFT atomic charges are supplemented by
higher atomic multipole moments.