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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": "Includes footnotes 145, 146, 147. Uses ASC 805 accounting standards as a basis for the argument.",
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      "text": "If the reported deferred revenue number is not fraudulent, it implies that the business was ramping with a large number of new student tutoring contracts.",
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      "text": "145 Per ASC 805, deferred revenues are typically given a hair cut in this process with the discount being a function of the additional cost to deliver the service and fulfill the contract.",
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      "text": "deferred revenue: $9.43 million",
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      "text": "10. The amount of deferred revenue TAL purported to have acquired with GZ 1-1 is not indicative of a business that Changing Edu was struggling to run.",
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