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In this episode, hosts Sarah Cage and Adam Olson welcome Ty Cotter, a lease accounting specialist at Embark, to discuss embedded leases under ASC 842. With private companies required to adopt new leasing guidance in 2022, Ty's experience will aid in identifying all relevant leases. The discussion will serve as a primer for those already compliant and a valuable learning opportunity for others. Adam begins by defining what constitutes a lease under U.S. GAAP, setting the foundation for the conversation about embedded leases and their implications for companies navigating the updated regulations.