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In this tutorial, Sarah Cage and co-host Adam Olson are joined by Ty Cotter, a lease accounting specialist at Embark, to discuss embedded leases under U.S. GAAP. The conversation highlights the implementation of ASC 842, particularly for private companies required to adopt the new leasing guidance in 2022. The discussion serves as both an introduction for those identifying their leases and a refresher for those who have already adopted the guidance. Adam emphasizes the need to clarify the definition of a lease according to U.S. GAAP before delving into embedded leases, setting the stage for a comprehensive understanding of the topic.