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This video tutorial covers how to calculate the lease liability at initial recognition, applicable to all standards, including the classification of operating and finance leases under ASC 842. It explains that the present value methodology is consistent when valuing future lease payments at the lease commencement. The initial calculation process is similar across different standards, but the approaches diverge when determining the right of use asset and when addressing modifications, such as decreases in scope. The tutorial aims to guide viewers through these aspects for accurate lease liability calculation.