The International Financial Reporting Standards (IFRS) is developed by the International Accounting Standards Board (IASB), which is an independent, not-for-profit organization. The IASB is responsible for setting and promoting the adoption of IFRS, which are a set of globally recognized accounting standards used by companies to prepare and present their financial statements. The other options, United Nations Conference on Trade and Development (UNCTAD) and Bureau of Business Standards Management (BBSM), are not the correct answer as they are not the organizations responsible for developing IFRS.