The worldwide insurance industry may be worth more than you think. Industry analysts believe that reporting isn't as consistent as it could be, and that improvements to insurance financial reporting would pump up those stock prices.

PricewaterhouseCoopers interviewed more than 40 investment professionals from the U.S., Asia and Europe, finding that dissatisfaction with insurance financial reporting was widespread. They'd like to see the International Accounting Standards Board and Financial Accounting Standards Board build a better mousetrap for the industry.

Brocade (NASDAQ: BRCD) has agreed to settle its options back-dating issues with the SEC by paying a fine of $7 million. With over a hundred companies still working out accounting problems and, in some cases, SEC problems with back-dating, the settlement may open the door to these issues to move toward resolution.

As The Wall Street Journal pointed out [subscription required], the SEC had to debate several tough questions before coming to an initial decision about how to handle all of the companies involved in the practice: "Were shareholders actually hurt by the backdating of options, by the revelation of potential wrongdoing or by being deceived about how executives were compensated??

Investors were hurt. For one, when executives exercise options, the company is paid the amount of the strike price. If that price has been lowered, the company receives less money. Public companies are also supposed to account for options as an expense. Changing options grant dates can lead to restatements of financial reports, which does not inspire investor confidence.

And, perhaps most important, there is the matter of the time and cost to board for examining options issues. It is not only a distraction, it is a cost. So, it is not simply a question of deception. There is a very real cost to options back-dating.

Douglas A. McIntyre is a partner at 24/7 Wall St.

Apple ended the day up 29 cents to finish at $63.94, despite widespread worries about Apple's worries with the Securities and Exchange Commission. Due to its investigation on share options, Apple is trying to figure out how to restate its third quarter financial report, and the Nasdaq threatened to delist Apple if doesn't adhere to reporting guidelines.

While no one expects Apple to get delisted, people are watching carefully. Those less in the loop are worried for Apple, but many are realizing that Apple will probably be just the first of many companies that will be going through painful periods like this as stock option readjustments hit the other 80+ companies that were fingered by the SEC besides Apple.

Stories about Google have dominated the news and our BloggingStocks site. My own take has been that the company is great for the fine products and services it offers, but that the stock is volatile, over-priced and a risk not worth taking. This theme has been the prevailing sentiment here, however, the general opinion in the market has been more mixed. We have seen analysts projections that the stock will reach $500, and even $600 within 12 months.

This week, when Yahoo! reported earnings, Google dropped with Yahoo! after the close of the market and is still down. Why did Google drop because Yahoo! did? Toyota did not drop on GM & Ford reports. The answer is simple -- uncertainty and the perception of risk.

The question is, why take the risk? Here we all sit wondering whether Google will report strong earnings and top line growth, simply meet expectations or disappoint. Equally intriguing is that no matter what they report, who knows what spin the market will put on the outcome, and will the stock price flash upward or downward? Does anybody think they can possibly report news that will not move the stock at all in one way or the other? The pattern on the first few reports was that it moved up. The last report even though positive sent the stock price down significantly and then it gradually settled in to a level between its high and the short term fade.