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398 Planning and Forecasting 4. Among costs deferred by EP were research and development. These costs must be expensed as incurred under U.S. GAAP. 5. The line item for “Pension and other post-retirement benefits” highlights the current consistency between Portuguese and U.S. GAAP in recognizing the associated expense. However, the adjustment in Exhibit 12.27, shareholders’ equity reconciliation, reveals a continuing difference in the recognition of the associated benefit liability. EP had recognized a larger liability, and charged this amount against shareholders’ equity, than would be required under U.S. GAAP. This explains the increase in shareholders’ equity in Exhibit 12.27. 6. Prior.