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[Music] all aboard welcome to the leasing Express many companies lease assets such as buildings equipment and even trains a lease is a contract that conveys the right to control the use of an identified asset for a period of time in exchange for consideration identifying embedded leases in contracts is one of the challenges of implementing ASC 842 under ASC 842 lessees need to record nearly all leases on the balance sheet by recording a lease liability and a corresponding right of use asset but how do we determine the amount of the lease liability well to determine the lease liability we need a few things first we need to determine the lease term then we will calculate the lease payments over the lease term and discount these payments using an appropriate discount rate how do I determine the appropriate discount rate to use its either the rate implicit in the lease but usually only the lessor knows that rate or the lessees incremental borrowing rate thats the one will most likely use
