According to Generally Accepted Accounting Principles (GAAP), discuss the treatment of start-up costs and initial operating losses during a company's early years.

(a) Provide an overview of what constitutes start-up costs and initial operating losses in the context of accounting.
(b) Explain the rationale behind the decision to capitalize or expense start-up costs and initial operating losses, considering the principles and objectives of GAAP.
(c) Discuss any specific criteria or conditions outlined by GAAP that influence whether these costs should be capitalized or expensed.