The SEC, after meeting in Washington Thursday, said corporations from other countries that use international accounting standards will no longer have to adjust to comply with U.S. rules, the New York Times said.

European companies had sought the move, which opens the door for rules approved by the International Accounting Standards Board in London to be used in most parts of the world.

It also makes more likely the standards will eventually be adopted everywhere, the report said.

For now, American companies will still follow the Generally Accepted Accounting Principles promulgated by the U.S. Financial Accounting Standards Board.

The new rule is effective for the fiscal year that ended Thursday or after.