• Fortune, Thursday, September 24, 2009 2:58 PM

Ah, the alchemy that is accounting. Under new accounting rules approved Wednesday, Apple's 2009 reported earnings could increase by a whopping 44%, according to Piper Jaffray analyst Gene Munster.

Apple apparently wouldn't be required to switch to the new accounting method until Dec. 2010, but Munster expects the company will start as soon as possible -- most likely with the new fiscal year that begins next week. Yet, it's also possible that the impact of the rule changes have already been factored into Apple's share price. Indeed, the stock closed Wednesday at $185.50, having soared 137% over the past eight months.

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