Intangible assets are resources of a company which have potential value beyond the period of expenditure, yet such resources lack physical substance. Discuss the manner in which such expenditures are accounted for in accordance with U.S. GAAP. One areas where international convergence of accounting standards has not occurred is in the area of accounting for internally generated intangibles. Discuss both FASB's and IASB's points of view on the matter. Which point of view do you align with? A company's income tax expense calculated in accordance with U.S. GAAP often differs from a company's income tax liability payable to governmental agencies. Discuss this incongruity, particularly permanent and temporary differences in GAAP financial income and taxable income.