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In this video tutorial, the instructor explains how to calculate lease liability at initial recognition, applicable for all standards and lease classifications, including operating and finance leases under ASC 842. The calculation involves present valuing future lease payments at the lease's commencement. While the initial calculation is common across standards, the process diverges when addressing right of use assets and modifications such as decreases in scope. The tutorial aims to guide viewers through these initial calculations before exploring the complexities of different lease classifications and accounting treatments.