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?

The correct answer is : The IASC standards accommodated existing accounting practices in various countries.  

Explanation:

It refers to an independent private-sector organization that tries to achieve uniformity in accounting principles.  These ones can be used by companies and businesses for financial reporting.   It is an advisory group  representing international organisations with an interest in accounting

the answer is:

c. economic output