The change approved by the Financial Accounting Standards Board (FASB) will enable Apple Inc., Palm Inc. and other U.S. smartphone vendors to recognize a greater portion of the revenue generated from the sale of a device in a single quarter. Current accounting rules require these companies and other to spread out the recognition of this revenue over a multi-year period, as software vendors are required to do.

The mundane-sounding change to the highly technical FASB rules is expected to have a major impact on some companies' quarterly financial statements. For example, according to The Wall Street Journal, Apple's revenue and earnings for the quarter ended June 27 would have been 17 percent and 58 percent higher, respectively, under the new rules.

The new rules go into effect for fiscal years beginning on or after June 15, 2010. Some companies may be allowed to apply the rules earlier.

In addition to smartphone vendors, the rules change is expected to impact other companies with products that bundle software and services, including medical device companies, auto companies and others.