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In this video tutorial, the focus is on calculating lease liability at initial recognition, applicable to all standards and classifications, including operating and finance leases under ASC 842. The presenter emphasizes that the present value methodology for recognizing lease liability is consistent across standards, as it involves present valuing future lease payments at the lease commencement date. While the method for calculating lease liability is common, the treatment varies when moving to the right of use asset, especially when dealing with modifications and changes in scope under different standards like ASC 842 and IFRS 16.