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In this tutorial, Sarah Cage and co-host Adam Olson welcome Ty Cotter, a lease accounting specialist at Embark, to discuss embedded leases under the new ASC 842 guidance. Ty shares his experience implementing this guidance, particularly for private companies required to adopt it in 2022. The discussion aims to help companies identify their leases and provide a refresher for those who have already adopted the new standards. Adam emphasizes the importance of understanding the definition of a lease under U.S. GAAP as a foundation for exploring embedded leases, setting the stage for the detailed conversation to follow.