Apple is in sweet spot. It creates fantastic gadgets that are loved by so many customers. Its CEO Steve Jobs came back after few months of medical leave. Even without Steve Jobs, Apple was able to pull of couple of good quarters. Apple rose 24% in the last 3 months.

If Jim Cramer’s prediction is true, Apple’s stock price can go even higher. Right now regulators demand that smartphone sales be recognized over a two-year time period. So Apple books only about one-eighth of its iPhone revenues and profits in the quarter in which they’re earned. But the Financial Standards Accounting Board could soon change the rule, allowing companies to report everything at once. That would dramatically magnify the iPhone’s impact on Apple earnings according to Jim Cramer.

Jim Cramer predicts that Apple stock price can hit $264 because of potential accounting change. Today it closed at $182.

Disclaimer: I own Apple shares.