Summary This Statement rescinds FASB Statement No. 75, Deferral of the Effective Date of Certain Accounting Requirements for Pension Plans of State and Local Governmental Units . Statement 75 is, therefore, no longer needed. This Statement also amends FASB Statement No. 35, Accounting and Reporting by Defined Benefit Pension Plans, to exclude from its scope plans that are sponsored by and provide benefits for the employees of one or more state or local governmental units. This Statement also amends other existing authoritative literature to make various technical corrections, clarify meanings, or describe applicability under changed conditions. This Statement is effective for financial statements issued for fiscal years ending after February 15, 1999.
Earlier application is encouraged.