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In this segment, co-hosts Sarah Cage and Adam Olson welcome Ty Cotter, a resident lease accounting specialist at Embark, to discuss embedded leases under ASC 842. Ty has experience implementing this standard, which private companies are required to adopt in 2022. The discussion aims to help listeners identify all their leases and offers a refresher on key considerations for those who have already adopted the guidance. Adam emphasizes the importance of defining what constitutes a lease under U.S. GAAP to set the stage for the conversation about embedded leases.