Time For Apple to Revise Reporting Standards?

| About: Apple Inc. (AAPL)

Apple (NASDAQ:AAPL) CEO Steve Jobs currently looks safe from the options scandal, even if he did know about the backdating. But one nuance some experts are pointing out is that while he may not have cashed in his backdated options, which expired worthless, Jobs immediately turned around and took a slug of restricted stock.

Also, it would appear Apple will have to file its restated quarters from backdating within two weeks -- or at least before the company reports earnings on October 18. If it doesn't, it either won't be able to report earnings or will be forced to report an abbreviated version, which means there won't be any guidance.

Furthermore, as readers know, I've been among those out there saying that Apple should be forced by the SEC to change the way it reports segment operating profits. It currently does so by geography rather than business lines. Could it be the SEC, which is currently reviewing is financial statements, takes a look at that, as well?

Hard to say, but a close scan of the company's press release from earlier this week doesn't rule that out (at least not if you read between the lines.) According to the release, "The company and its independent auditors are reviewing recent accounting guidance published by the SEC...The company continues to proactively inform the SEC of its findings." While you can argue that if viewed in the actual context of the release, it refers to only to stock options, you could also argue it doesn't considering the SEC staff has also issued guidance regarding segment reporting.