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In this segment, hosts Sarah Cage and Adam Olson welcome Ty Cotter, an expert in lease accounting at Embark, to discuss embedded leases. Ty shares his experience with the implementation of ASC 842, which private companies are required to adopt in 2022. The conversation aims to assist companies in identifying all their leases and provide a refresher on key considerations for those who have already adopted the new guidance. Adam emphasizes the importance of defining what constitutes a lease under U.S. GAAP before delving into the specifics of embedded leases, setting the stage for a comprehensive discussion.