The early (1973-1988) harmonization efforts. 1 of the International Accounting Standards Committee (IASC) created standards that have been described as a "lowest-common- denominator" approach. What was the effect of these first international accounting ?standards * (1 ) The IASC standards accommodated existing accounting practices in O .various countries Comparability of financial statements .across countries was achieved It resulted in few companies being in .compliance with IASC standards All of the above o