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In this video tutorial, the presenter explains how to calculate lease liability at initial recognition, applicable to all accounting standards, including ASC 842. The calculation is centered on the present value of future lease payments at the lease commencement date. The presenter notes that while the initial calculation method is the same across standards, the treatment diverges after this point, particularly when accounting for right of use assets and modifications such as decreases in scope. The tutorial aims to guide viewers through the initial steps of calculating lease liability, emphasizing the commonality in the methodology before delving into standard-specific variations.
