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  "documentTitle": "TAL Education Group (TAL)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2018-06-13 00:00:00",
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      "text": "TAL's auditor, Deloitte Touche Tohmatsu, failed in our view to do basic work that would have flagged the transfer of DFRL to Shunshun as a related party disclosure.",
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      "text": "TAL apparently received close to zero consideration from Shunshun for DFRL. However, TAL bought back DFRL (via Shunshun) at a purported implied valuation of up to $116.5 million.",
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      "text": "Transactions between related parties are considered to be related party transactions even though they may not be given accounting recognition. For example, an entity may receive services from a related party without charge and not record receipt of the service. While not providing accounting or measurement guidance for such transactions, this Topic requires their disclosure nonetheless. — FASB ASC 850-10-5-5",
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      "text": "While DFRL's shareholders were paid by Shunshun, it does not appear that any funds were returned to TAL... Implied valuation of the most recent tranche... Shunshun China SAIC filings.",
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      "text": "Audit Bumble: Missing Related Party Disclosure",
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      "text": "Shunshun Was a Much Better Choice for Asset Parking than for Business Partnership",
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