After January 1, 2009, in order to be consistent with IASB Standards, U.S. GAAP now requires that borrowing costs on assets that require a substantial period to bring them to a marketable condition be expensed immediately.

Question

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U.S. GAAP requires that borrowing costs on qualifying assets be capitalized, not expensed immediately, aligning with IASB standards.

After January 1, 2009, in Order to Be Consistent with IASB