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This tutorial focuses on lease accounting, specifically the accounting change that requires operating leases to be recorded on balance sheets as right-of-use assets and lease liabilities. Despite previous explanations, confusion persists regarding lease accounting's impact on financial statements, models, and valuations. The challenge lies in understanding individual leases, which can be counterintuitive; however, in practice, the process is simpler. Rather than dealing with single leases, one often analyzes numbers in aggregate across numerous leases, allowing for a clearer and more straightforward treatment in projections and analyses.