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In this video tutorial, hosts Sarah Cage and Adam Olson are joined by lease accounting specialist Ty Cotter to discuss embedded leases and the implementation of ASC 842, particularly for private companies required to adopt the new guidance in 2022. Ty shares his experience and insights on identifying all leases, emphasizing the importance of understanding key considerations for companies that have already adopted the guidance. Adam starts the conversation by defining what constitutes a lease under U.S. GAAP, which is crucial for setting the stage for the discussion on embedded leases. The dialogue aims to provide clarity and practical understanding for listeners navigating lease accounting compliance.