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In this tutorial, host Sarah Cage and co-host Adam Olson welcome Ty Cotter, a lease accounting specialist, to discuss embedded leases under ASC 842. With private companies preparing to adopt the new leasing guidance in 2022, the conversation focuses on identifying all leases and key considerations for those who have already adopted the guidance. Adam emphasizes the importance of defining what constitutes a lease under U.S. GAAP to set the stage for the discussion on embedded leases. The session aims to clarify complexities surrounding lease accounting, enhancing understanding for those navigating this new compliance landscape.