The SEC issued SAB 108 in 2006, which mandates what is termed a dual approach to assessing uncorrected misstatements.

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SAB 108 does indeed mandate a dual approach to assessing uncorrected misstatements. This approach involves determining the materiality of each individual misstatement and then aggregating all individually immaterial misstatements to determine if they are considered material in the aggregate.

The SEC Issued SAB 108 in 2006, Which Mandates What