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In this video tutorial, hosts Sarah Cage and Adam Olson welcome Ty Cotter, a lease accounting specialist at Embark. They discuss the implementation of ASC 842, particularly focusing on embedded leases, which are crucial for private companies adopting the new leasing guidance in 2022. The conversation aims to assist companies in identifying all their leases and serve as a refresher for those already familiar with the guidance. Adam emphasizes the need to clarify the definition of a lease under U.S. GAAP before diving into the specifics of embedded leases, ensuring that listeners are well-informed from the start.