An NGO is operating from an rented premises and some expenditure is incurred on the improvement of the building by the NGO. The NGO treats this expenditure as an asset and reflects the same in the depreciation schedule. A note regarding the same is mentioned at the end of the document. The schedule is signed by the auditor.
Please let me know if such expenditure can be treated as an asset for the NGO.
Thanks and regards,
B V Soma Sastry