Tomorrow afternoon at 14:00 PDT and 17:00 EDT Apple (NASDAQ:AAPL) will announce its 3rd Quarter (Q3) Earnings for 2010. Apple (AAPL) has adopted a new accounting practice with regards to the iPhone, due to changes in US regulation, and instead of holding some iPhone earnings back based on a subscription model, it now accounts for them as they go along. It is also selling a lot more devices that are not on contract anyway.

Adjusting the figures from last year Apple generated about $2.00 per share, on revenues of around $10 Billion. This year the prediction is for $3.00 per share and revenues of $15 Billion.

This new accounting practice may be one reason that the markets have seen AAPL slide back to almost $240 per share today. Another may still be uncertainty over the iPhone 4 reception issue.

For those who want to listen in there is a live webcast of the event.

WEBCAST: Apple will provide live audio streaming of its FY 10 Third Quarter Results Conference Call using Apple’s industry-leading QuickTime® multimedia software. The live webcast will begin at 2:00 p.m. PDT on July 20, 2010 at www.apple.com/quicktime/qtv/earningsq310/ and will also be available for replay for approximately two weeks thereafter. Viewers simply need a copy of QuickTime, available for download from www.apple.com/quicktime, to listen to the conference call.

Are you expecting Apple to beat analysts expectations or fall short? Make your guess in the comments…

[Apple]