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In this video tutorial, co-hosts Sarah Cage and Adam Olson discuss embedded leases with guest Ty Cotter, a lease accounting specialist from Embark. They focus on the new leasing guidance (ASC 842) that private companies are required to adopt in 2022, emphasizing its significance in identifying all leases. The discussion aims to provide valuable insights for those new to the guidelines as well as a refresher for those who have already adopted them. Adam starts the conversation by asking for a clear definition of what constitutes a lease under U.S. GAAP to set the context for further exploration of embedded leases.