The early (1973-1988) harmonization efforts 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 ?

The IASC standards accommodated existing accounting practices in 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