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In this video, Sarah Cage and co-host Adam Olson introduce Ty Cotter, a lease accounting specialist at Embark, to discuss embedded leases under the new ASC 842 guidance for private companies. With a deadline for adoption in 2022, the conversation aims to help viewers identify all their leases, offering a refresher on key considerations for those who have already made the transition. Adam starts the discussion by providing a foundational definition of a lease under U.S. GAAP, setting the stage for the more detailed exploration of embedded leases. The importance of understanding this definition in the context of lease accounting is emphasized as they prepare to dive deeper into the topic.