Sorry, no online dictionaries contain the exact phrase understatement of annual report items.

Reverse dictionary results:
1. earnings
 2. asset
3. chart
4. assets
5. audit
6. yearbook
7. above
8. story
9. reporting
10. case
 11. pattern
12. account
13. accounting
14. mean
15. rested
16. expose
17. give
18. inform
19. lose
20. repeat
 21. return
22. returning
23. returns
24. state
25. abstract
26. chapter
27. day
28. number
29. numbering
30. numbing
 31. retail
32. sort
33. stocked
34. review
35. break
36. show
37. showed
38. rattle
39. rattled
40. rattling

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You can look up the words in the phrase individually using these links:   understatement ?   of ?   annual ?   report ?   items ?
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unde*to search for words beginning with unde, or
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