SCHEDULE –10 SIGNIFICANT ACCOUNTING POLICIES 10.1 Company英文资料.pdfVIP

WIPRO NETWORKS PTE LTD, SINGAPORE SCHEDULE –10 SIGNIFICANT ACCOUNTING POLICIES 10.1 Company overview Wipro Networks Pte Limited (“the Company”) is a subsidiary of Wipro limited (‘the holding company’). The functional currency of the Company is SGD and the reporting currency for these financial statements is INR. These financial statements have been prepared and audited to attach with the accounts of the holding company, to comply with the provisions of Indian Companies Act, 1956. 10.2 Basis of preparation of financial statements These financial statements have been prepared in accordance with Generally accepted Accounting Principles (GAAP) in India under the historical cost convention on the accrual basis. GAAP comprises accounting standards notified by the Central Government of India under section 211(3C) of the Companies Act 1956, other pronouncements of the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956. 10.3 Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles in India requires management to make estimates and assumptions 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. 10.4 Revenue recognition Revenue from the sale of goods is measured at the fair value of the consideration received or receivable, net of returns and