Most people may not encounter this, but when you do its best to know how to make it look good. Undercutting the bottom stair is the best way to do this. Using a jamb saw that I use for undercutting doorjambs works good for this.
If you happen to have a stair that has ceramic or even stone down to the floor, you could use the jamb saw with a masonry blade to under cut it also.
If you don't have access to a jamb saw you will have to install the laminate and leave an expansion gap around it. Then you would either have to cover the gap with small pieces of 1/4 round or find a product that can bend around the radius to cover the gap.
If your installing hardwood you may get away with cutting the hardwood to follow the curve and fit tight against it. Although hardwood can expand and contract also, it may be OK because it is usually glued or stapled down.
I have used a plastic 1/4 round on a curved wall. The plastic was brittle so I had to use a heat gun and bend it very carefully and slowly to keep it from breaking.