ACCOUNTING POLICIES OF WIPRO LIMITED

1. The Company overview

Wipro Limited (“Wipro” or “Company”), is a leading India based provider of IT Services,

including Business Process Services (“BPS”), globally.

Wipro is a public limited company incorporated and domiciled in India. The address of its
registered office is Wipro Limited, Doddakannelli, Sarjapur Road, Bangalore - 560 035,
Karnataka, India. Wipro has its primary listing with Bombay Stock Exchange and National Stock
Exchange in India. The Company’s American Depository Shares representing equity shares are
also listed on the New York Stock Exchange. These financial statements were authorized for
issue by the Board of Directors on June 02, 2017.

2. Basis of preparation of financial statements

(i) Statement of compliance and basis of preparation

These financial statements are prepared in accordance with Indian Accounting Standards (Ind
AS), the provisions of the Companies Act, 2013 (“the Companies Act”), as applicable and
guidelines issued by the Securities and Exchange Board of India (“SEBI”). The Ind AS are
prescribed under Section 133 of the Act read with Rule 3 of the Companies (Indian Accounting
Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016.

Up to the year ended March 31, 2016, the Company prepared its financial statements in
accordance with the requirements of the Indian GAAP (“Previous GAAP”), which included
Standards notified under the Companies (Accounting Standards) Rules, 2006. The date of
transition to Ind AS is April 1, 2015.

(ii) Basis of measurement

These financial statements have been prepared on a historical cost convention and on an accrual
basis, except for the following material items which have been measured at fair value as required
by relevant Ind AS:-

a) Derivative financial instruments;

b) Financial instruments classified as fair value through other comprehensive income or fair value
through profit or loss; and

c) The defined benefit asset/(liability) is recognized as the present value of defined benefit
obligation less fair value of plan assets.
(iii) Use of estimates and judgment

The preparation of the financial statements in conformity with Ind AS requires management to
make judgments, estimates and assumptions that affect the application of accounting policies and
the reported amounts of assets, liabilities, income and expenses.

Revenue recognition: The Company uses the percentage of completion method using the input
(cost expended) method to measure progress towards completion in respect of fixed price
contracts. Percentage of completion method accounting relies on estimates of total expected
contract revenue and costs.

Income taxes: The major tax jurisdictions for the Company are India and the United States of
America. Significant judgments are involved in determining the provision for income taxes
including judgment on whether tax positions are probable of being sustained in tax assessments.
A tax assessment can involve complex issues, which can only be resolved over extended time
periods.

Significant accounting policies

(i) Functional and presentation currency

These financial statements are presented in Indian rupees, the national currency of India, which is
the functional currency of the Company.

(ii) Foreign currency transactions and translation

Transactions in foreign currency are translated into the functional currency using the exchange
rates prevailing at the date of the transaction.

(iii) Financial instruments

a) Non-derivative financial instruments:

Non derivative financial instruments consist of:- financial assets, which include cash and cash
equivalents, trade receivables, unbilled revenues, finance lease receivables, employee and other
advances, investments in equity and debt securities and eligible current and noncurrent assets;

b) Derivative financial instruments

The Company enters into derivative financial instruments where the counterparty is primarily a
bank. Derivatives are recognized and measured at fair value.

Derivative financial instruments are measured as described below:

A. Cashflow hedges B. Investments

C. Other financial assets D. Trade and other payables

Equity

a) Share capital and share premium

The authorized share capital of the Company as of March 31, 2017, March 31, 2016 and April 1,
2015 is 6,100 million divided into 2,917,500,000 equity shares of 2 each, 25,000,000 10.25%
redeemable cumulative preference shares of10 each and 150,000, 10% optionally convertible
cumulative preference shares of 100 each.

Capital Reserve:- Capital reserve amounting to'''' 1,139 (March 31, 2016 and April 1, 2015:
1,139, respectively) is not freely available for distribution.

Retained earnings:- Retained earnings comprises of the Company’s undistributed earnings after
taxes.

Revenue: The Company derives revenue primarily from software development, maintenance of
software/hardware and related services, business process services, sale of IT and other products.

New accounting standards not yet adopted: Certain amendments to accounting standards are
not yet effective for annual periods beginning after 1 April 2015, and have not been applied in
preparing these financial statements. The amendments to standards that could have potential
impact on the financial statements of the Company are:

Amendment to Ind AS 7: In March 2017, the Ministry of Corporate Affairs issued the
Companies (Indian Accounting Standards) (Amendments) Rules, 2017, notifying amendments to
Ind AS 7, ‘Statement of cash flows’. These amendments are in accordance with the amendments
made by International Accounting Standards Board (IASB) to IAS 7, ‘Statement of cash flows’ in
January 2016, requiring the entities to provide disclosures that enable users of financial
statements to evaluate changes in liabilities arising from financing activities, including both
changes arising from cash flows and non-cash changes, suggesting inclusion of a reconciliation
between the opening and closing balances in the balance sheet for liabilities arising from
financing activities, to meet the disclosure requirement. The amendments are applicable to the
Company for annual periods commencing on or after from April 1, 2017. The Company is
assessing the disclosure requirements of the amendment and the effect on its financial statements.

Reference: WIPRO Accounting Policy (valuestocks.in) Wipro Ltd. Accounting Policies | Accounting
Policy of Wipro Ltd. - Goodreturns

Name: ARAVIND T
Section C