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In this tutorial, Sarah Cage and co-host Adam Olson introduce Ty Cotter, a resident lease accounting specialist, to discuss embedded leases in the context of ASC 842. With private companies required to adopt new leasing guidance in 2022, the conversation focuses on identifying and understanding leases. Ty's experience in implementing ASC 842 is highlighted, emphasizing the importance of this discussion for both new adopters and those seeking a refresher. Adam begins by defining what constitutes a lease under U.S. GAAP to set the stage for the topic of embedded leases. The session aims to provide valuable insights and considerations for the audience.