The United States requires financial statements to be prepared under GAAP but most every other country utilizes the international Financial Reporting Standards (IFRS). For many years the United States has been working toward converging GAAP rules with IFRS so that companies could have one set of rules that would apply to every county when issuing their financial statements. There are still some major differences between GAAP and IFRS. Intangible assets is one of the differences, provide an explanation of the difference in detail including what financial statements would be affected and how it would affect financial statements if we were to change our rule to match IFRS. Citations please.