Standalone Application Icons not working in 2.7

[Sivakatirswami]

I got the IconFactory IconBuilder plug in for photoshop (thanks to  
Richard's recommendation) and it works great... a dream tool...

But assigning the output files from IconBuilder to standalones inside  
the standalone settings does not take effect... choose the Mac file  
for OSX and then .ico file for Windows and build the standalones...  
the are successfully built, but no icons applied.

What am I missing?

Sivakatirswami