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In this video tutorial, the presenter explains how to calculate the lease liability at initial recognition, applicable to all standards and classifications, including operating and finance leases under ASC 842. The key point is that the present value methodology remains consistent at the lease commencement, as it involves calculating the present value of future lease payments. While the initial calculation is uniform, differences arise when moving on to the right-of-use asset, especially under different standards like ASC 842 and IFRS 16, particularly when dealing with lease modifications, such as decreases in scope.