The TRUE statement about accounting for borrowing costs is:

When a first-time adopter establishes a deemed cost for an asset, it cannot capitalize borrowing costs recognized under their previous GAAP before the date of transition to IFRS.

According to IAS 23 Borrowing Costs, an entity shall capitalize borrowing costs that are directly attributable to the acquisition, construction, or production of an asset. The option to expense borrowing costs as incurred is not available under IAS 23; thus, the statement "Under IAS 23, an entity has the option of either capitalizing borrowing costs or expensing borrowing costs as incurred" is not entirely accurate, as IAS 23 generally requires borrowing costs to be capitalized, not expensed.

The third statement, "The amount of borrowing costs capitalized must exceed the amount incurred during the period," is not a requirement under IAS 23; the amount capitalized is based on the capitalization criteria, not a comparison of costs incurred versus capitalized.

Hence, the only true statement among the provided options is the first one.