Per IAS 23.17, An entity shall begin capitalizing borrowing costs as part of the cost of a qualifying asset on the commencement date. The commencement date for capitalization is the date when the entity first meets all of the following conditions:

a) Expenditure for the asset is being incurred
b) Borrowing costs are being incurred
c) Activities that are necessary to prepare the asset for its intended use or sale are in progress
d) All of the above conditions are met