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In this video tutorial, Sarah Cage and co-host Adam Olson, alongside lease accounting specialist Ty Cotter from Embark, discuss the implementation of ASC 842, focusing on embedded leases, particularly for private companies adopting new leasing guidance in 2022. They emphasize the importance of identifying all leases under the new standards and plan to engage in a thorough discussion about key considerations. Adam begins by defining what constitutes a lease under U.S. GAAP, intending to provide clarity before diving deeper into the topic of embedded leases.