Yet, a long-term deferred tax liability may be quite significant but is not discounted at all, so it is reported neither at present value nor amortized cost. In all cases, liability valuations are not changed to reflect current changes in the market rates of interest that is, they are not reported at current value. Failure to consider the current market interest rates may cause the financial statements to be consider the current market interest rates may cause the financial statements to be biased in favor of current creditors, particularly when many obligations are of a long-term nature.