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In this tutorial, we will learn how to calculate the lease liability at initial recognition, applicable to all standards, including operating and finance leases under ASC 842. The process involves present valuing future lease payments at the lease commencement. Although the initial calculation method is common, the treatment of the right of use asset varies among different standards, particularly with modifications and changes in scope. This tutorial will guide you through the initial calculations for lease liabilities, before discussing more complex adjustments in later segments.
