Question: You are performing the audit of XCO a public company
You are performing the audit of XCO, a public company. Bubba Smith, the inventor who founded XCO is still the majority shareholder. Bubba and his two daughters comprise the majority of senior management for the company and hold three of the seven seats on the board of directors. You are testing accounts receivable and notice that some are from Bubba and his daughters. Interest is not specified in the notes. Identify applicable ASC and IFRS on the issues raised in this case.
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