SCHEDULE –15 SIGNIFICANT ACCOUNTING POLICIES Company overview英文资料.pdfVIP

FINANCIAL STATEMENTS OF Wipro Information Technology Egypt SAE SCHEDULE –15: SIGNIFICANT ACCOUNTING POLICIES Company overview Wipro Information Technology Egypt SAE (“the Company”) is a subsidiary of Wipro Cyprus Private Limited. The Company is registered in Egypt effective from 18th May 2008. Wipro Information Technology Egypt SAE is a services provider that aims to deliver technology solutions to drive business needs of its Clients in Egypt in Engineering Services, Industrial Products, Systems Integration and Information Technology. Basis of preparation of finan cial statements The accompanying financial statements are prepared and presented under historical cost convention on accrual basis of accounting, and comply with Accounting Standards (AS) issued by Institute of Chartered Accountants of India (ICAI) and rel evant provisions of the Companies Act, 1956, to the extent applicable. Use of estimates The preparation of financial statements in conformity with Indian generally accepted accounting principles (IGAAP) requires management to make estimates and assumption s that affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities on the date of the financial statements and reported amounts of revenues and expenses during the period reported. Actual results could differ from those estimates. Any revision in accounting estimates is recognized prospectively in current and future periods. Revenue recognition Revenue from software development services includes revenue from time and material and fixed price contracts. Revenue from time and material contracts are recognized as related services are performed. Revenue on fixed price contracts is recognized in accordance with percentage of completion method of accounting. Dur