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In this tutorial, hosts Sarah Cage and Adam Olson are joined by lease accounting specialist Ty Cotter from Embark. The discussion focuses on ASC 842 and embedded leases, particularly for private companies adopting the new leasing guidance in 2022. Ty Cotter shares his insights and experiences from implementing the standard, emphasizing the importance of identifying all leases. The conversation aims to refresh knowledge for those who have already adopted the guidance and provide essential considerations for others. Adam introduces the topic by seeking a clear definition of what constitutes a lease under U.S. GAAP, setting the stage for a deeper understanding of embedded leases.