But the general opinion on Wall Street now is that only accountants care about book value, which can seriously understate the value of such assets as brand names.

To the Editor: The comprehensive article seriously understates the taxes that would have to be paid with the flat tax.

Some experts contend that even the administration's chilling projections about the looming problems of Social Security seriously understate the problem.

The bank's reports that year seriously understated losses.

This is an open secret in the world of show dogs, an arena invariably referred to as "fiercely competitive," a phrase that may seriously understate the case.

National data collection agencies accept that statistics seriously understate women's contribution as workers.

"These ratings seriously understate Russia's ability to service and repay its debts," says Mr Halligan.

To call Theatre of the New Ear the biggest news in radio drama seriously understates its allure.

The surviving record, written largely from a northern and pro-Uí Néill perspective, presents a misleading picture, seriously understating the power and pretensions of the Eóganachta.

Doing so risks seriously understating the pensions' costs, they say.