Here are some key points on the need for the development of IFRS and how it came about:

1. The need for a common set of accounting standards: As globalization increased, there was a growing need for a common set of accounting standards that could be used by companies around the world. This would make it easier to compare financial statements and ensure consistency in financial reporting.
2. The challenges of multiple accounting standards: Prior to the development of IFRS, companies in different countries used different accounting standards. This made it difficult to compare financial statements and led to inconsistencies in financial reporting.
3. The role of the International Accounting Standards Committee (IASC): The IASC was established in 1973 with the goal of promoting the development and use of high-quality, globally accepted accounting standards. Over time, the IASC developed a set of International Accounting Standards (IAS) that were adopted by some countries around the world.
4. The formation of the International Accounting Standards Board (IASB): In 2001, the IASC was restructured and replaced by the IASB. The IASB is responsible for developing and promoting International Financial Reporting Standards (IFRS), which are now used by more than 100 countries around the world.
5. The benefits of IFRS: The adoption of IFRS has led to greater transparency and consistency in financial reporting, making it easier for investors and other stakeholders to compare financial statements and make informed decisions. It has also reduced the cost and complexity of financial reporting for multinational companies by providing a common set of accounting standards that can be used across different jurisdictions.

Overall, the development of IFRS was driven by the need for a common set of accounting standards that could be used by companies around the world.

The adoption of IFRS has had significant benefits for financial reporting, including greater transparency, consistency, and efficiency.