Apple Insider has recently discovered a patent application filed by Apple in August 2011 that suggests that amid rumours and speculation, the company is indeed developing a smart watch of some kind, commonly referred to as the iWatch.

The patent filed with the U.S. Patent and Trademark Office describes the details of a wearable accessory device with a flexible display that can be strapped around a person’s wrist or other body part using the mechanism similar to that of a slap bracelet . Remember those?

When active the device can “connect to a portable device, like an iPhone or iPad, via various communications protocols like Bluetooth or Wi-Fi to show relevant information in real time.”

However, the device need not be limited to displaying information from a portable device.

According to the filing “With a touch screen user input a user can accomplish a number of different tasks including adjusting the order of a current playlist, and reviewing a list of recent phone calls. A response to a current text message can even be managed given a simple virtual keyboard configuration across the face of the flexible display.”

In the video below, Apple Insider blogger Mikey Campbell tells Bloomberg TV more about the patent discovery.