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In this video tutorial, hosts Sarah Cage and Adam Olson discuss embedded leases with Ty Cotter, an expert in lease accounting and ASC 842 implementation. They emphasize the importance of understanding embedded leases as private companies prepare to adopt new leasing guidance in 2022. The discussion aims to help companies identify all their leases and serves as a refresher for those who have already adopted the guidance. Adam begins by seeking to clarify the definition of a lease under U.S. GAAP to set the foundation for the conversation. The dialogue is structured to provide insights and key considerations relevant to navigating the complexities of lease accounting.