The Governmental Accounting Standards Board's proposed changes in public pension accounting and reporting standards, if adopted, will not have immediate credit implications, but probably would make the reporting of year-to-year unfunded pension liabilities more volatile, Standard & Poor's will say in a report Wednesday.

The report also is expected to warn that it could become more difficult to track pension-funding progress if GASB standards no longer require disclosure of a government's actuarially determined annual required contribution, or ARC.

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