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In this video tutorial, the presenter explains how to calculate the lease liability at initial recognition, applicable to all standards, including operating and finance leases under ASC 842. The focus is on using the present value methodology to determine future lease payments at the lease's commencement. The tutorial emphasizes that while the initial calculation process is consistent across different lease classifications, subsequent steps diverge, particularly when calculating the right of use asset and dealing with modifications, such as decreases in scope. The video aims to guide viewers through the calculation process clearly.