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Jorge, founder and CEO of Lease Query, discusses the new lease accounting standards 842 and IRS 16. The video focuses on embedded leases and a practical expedient that states existing or expired contracts do not need to be reevaluated for leases under new standards. However, errors are not grandfathered, so it is important to correctly identify and account for embedded leases according to GAAP. Take care to avoid accounting for them incorrectly.