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 standards?

Multiple Choice

All of the above

It resulted in few companies being in compliance with IASC standards.

The IASC standards accommodated existing accounting practices in various countries.

Comparability of financial statements across countries was achieved.