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In this video tutorial, the presenter explains how to calculate lease liability at initial recognition, applicable to all standards for both operating and finance leases under ASC 842. The focus is on the present value methodology, which requires present valuing future lease payments at the lease's commencement. The calculation for lease liability is discussed as a common starting point, while subsequent accounting and treatment for right of use assets vary by standard, particularly under ASC 842 and IFRS 16. The tutorial also hints at complexities that arise with lease modifications and changes in scope as part of the accounting process.