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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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  "notes": "The text explicitly questions the validity of the accounting records by pointing out the implausibility of missing $19.7 million in cash and corresponding assets.",
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      "text": "We find it difficult to believe that the accounting team could overlook $19.7 million in cash and payments collected from customers, and at the same time also forget about an equal amount of assets.",
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      "text": "As can be seen below, the major changes were to the liabilities (substantially all of which are deferred revenues) and the assets (cash, pre-paid expenses, and other receivables). We find it difficult to believe that the accounting team could overlook $19.7 million in cash and payments collected from customers, and at the same time also forget about an equal amount of assets in the form of pre-payments to suppliers/consultants, other receivables, or cash.",
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      "text": "Units: Rmb millions and US$ millions. Sources: DFRL CY2016 SAIC financials, CY2016 SAIC Annual Report, DFRL Credit Report. FX rates: CY2015: 6.31, CY2016: 6.67",
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      "kind": "title",
      "text": "Beijing Dongfangrenli Science & Commerce Co. Ltd SAIC Financial Reports with 2016 Changes",
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