Facilitating IAM Roles is a very common and (I think) the right approach to manage authentication for multiple accounts indeed, AWS has just recently released resp. updates that greatly help with this, see Cross-Account Access in the AWS Management Console:
Many AWS customers use separate AWS accounts (usually in conjunction with Consolidated Billing) for their development and production resources. This separation allows them to cleanly separate different types of resources and can also provide some security benefits.
Today we are making it easier for you to work productively within a multi-account (or multi-role) AWS environment by making it easy for you to switch roles within the AWS Management Console. You can now sign in to the console as an IAM user or via federated Single Sign-On and then switch the console to manage another account without having to enter (or remember) another user name and password.
Please note that this doesn't just work for the AWS Management Console, but also with the AWS Command Line Interface (AWS CLI), as greatly explored/explained in by Mitch Garnaat in Switching Roles in the AWS Management Console and AWSCLI.
Furthermore, Mitch has followed up with a dedicated new tool 'rolemodel' to help with setting things up pretty much like you outlined, which you might want to evaluate accordingly:
Rolemodel is a command line tool that helps you set up and maintain cross-account IAM roles for the purpose of using them in the new switch role capability of the AWS management console. These same cross-account roles can also be used with the AWSCLI as described here.