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?

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The early standards allowed for multiple accounting treatments and were designed to accommodate the diverse accounting practices already in place across different countries, rather than imposing a single, strict set of rules. This approach was intended to encourage widespread adoption by making it easier for countries to align with IASC standards without making significant changes to their existing practices.

The Early (1973-1988) Harmonization Efforts of the International Accounting Standards