Omar Juhmani has the relation between three groups of CG mechanisms (i.e. board characteristics, audit committee characteristics and ownership structure) and the level of corporate compliance with IFRS disclosure; it examines the relation one year before implementing the first CGC in Bahrain and provides new evidence on the importance and effectiveness of the CGCs. In his research paper there are three of the CG mechanisms (i.e., board independence, audit committee independence, and Chief Executive Officer duality) are associated with the level of IFRS disclosure. This suggests that CG mechanisms are effective in the financial reporting practices. However, the results show that the other five CG mechanisms (i.e., board size, audit committee size, blockholder ownership, managerial ownership, and government ownership) are not associated with the level of IFRS disclosure. This result may prove the importance of the CGC as an effective enforcement mechanism to enforce Bahraini companies to fully comply with IFRS disclosure. Read Omar Juhmani research paper that is titled as corporate governance and the level of Bahraini corporate compliance with IFRS disclosure then answer and discuss the following questions.

If IFRSs are wholly uninterested in these attributes, then why are IFRSs being imposed on IF Bahraini domestic public companies, required or permitted for listings by foreign companies and SMEs? Who are the major beneficiaries of this move? How are they likely to be benefitted? (10 marks= 750 words)