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In this video tutorial, the speaker explains how to calculate lease liability at initial recognition, applicable across all standards, including the classification of operating and finance leases under ASC 842. They emphasize that the present value methodology for calculating lease liability remains consistent at the lease commencement date, involving the present valuing of future lease payments. The discussion highlights that, while the initial calculations are common, the processes diverge later, particularly when dealing with different lease standards and modifications, like decreases in scope, impacting right-of-use assets.
