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  "documentTitle": "TAL Education Group (TAL)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2018-07-02 00:00:00",
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      "text": "After we make this final adjustment to the 223 million Rmb deferred revenue balance from before, we get 156 million Rmb of deferred revenue at fair value—or, just $24 million. Based on the calculations we made, TAL overstated Firstleap’s deferred revenue by 90%.",
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      "text": "deferred revenue overstatement: 90%",
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      "text": "After we make this final adjustment to the 223 million Rmb deferred revenue balance from before, we get 156 million Rmb of deferred revenue at fair value—or, just $24 million. Based on the calculations we made, TAL overstated Firstleap’s deferred revenue by 90%. Almost half of the $45 million TAL claimed was fake. We bring together our findings and assumptions below:",
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