To convert -124.6845 to IEEE 754 binary format, the first step is determining the binary representation, which is 1111100.1010111100111011011001000101101000011100101011. The sign bit is 1, indicating a negative number. The discussion emphasizes the importance of understanding the IEEE 754 standard for accurate conversion. Additional resources, such as a Wikipedia page on IEEE 754, are suggested for further reading. Mastering this conversion process is essential for working with floating-point numbers in computing.