Change in accounting for iPhone sales could drive Apple revenues way up

On his "Mad Money" show on September 16, Jim Cramer went nuts on Apple (AAPL), saying he thinks shares are going to soar after an accounting change lets Apple book the full dollar amount of each iPhone sold upfront. This has been a recurrent theme among Apple bulls lately.

Wall Street has a funny habit of failing to take into account obvious factors that impact the intrinsic value of companies, and this is a classic example of such a case. For Apple shareholders, the impact could be profound, with shares in the company that CEO and founder Steve Jobs rebuilt going vertical in a hurry. Shares were up nearly eight percent in the past week, a big lift for a company with a share price in the $180 range like Apple.