Here are some key points on the challenges faced during the development and implementation of IFRS and how they have been addressed:

1. Resistance to change: One of the biggest challenges in the development and implementation of IFRS has been resistance to change. Some countries and companies have been reluctant to adopt the new standards, either because they are unfamiliar with them or because they are concerned about the costs and complexities of implementation.
2. Cultural differences: Cultural differences can also pose challenges to the implementation of IFRS. Accounting practices can vary widely across different cultures, and it can be difficult to reconcile these differences in the development and implementation of global accounting standards.
3. Technical complexities: The implementation of IFRS can also be technically complex, requiring significant changes to accounting systems, processes, and controls. This can be a particular challenge for small and medium-sized enterprises (SMEs), which may lack the resources and expertise needed to implement the standards effectively.
4. Enforcement and compliance: Enforcement and compliance can also be challenging, as different countries may have different regulatory frameworks and approaches to enforcing the standards.
5. The need for ongoing updates and revisions: Another challenge is the need for ongoing updates and revisions to the standards to ensure that they remain relevant and up-to-date in a rapidly changing business environment.

To address these challenges, various measures have been taken. These include:

1. Education and training: Education and training programs have been developed to help companies and individuals understand the new standards and how to implement them effectively.
2. Collaboration and consultation: The International Accounting Standards Board (IASB) works closely with national standard-setting bodies, accounting firms, and other stakeholders to ensure that the standards are developed and implemented effectively.
3. Simplification and convergence: Efforts have been made to simplify and converge the standards to reduce complexity and make it easier for companies to adopt them.
4. Regulatory oversight and enforcement: Regulatory oversight and enforcement mechanisms have been established to ensure that the standards are being implemented effectively and consistently across different jurisdictions.

Overall, the challenges faced in the development and implementation of IFRS have been significant, but they have been addressed through education and training, collaboration and consultation, simplification and convergence, and regulatory oversight and enforcement.