Describe the disclosure requirements as per AS-27 by a joint venture in relation to: (i) Contingent liabilities (ii) Capital commitments.

A joint venturer should disclose the following information in its separate financial statements as well as in consolidated financial statements: (i) Contingent Liabilities: any contingent liabilities that the venturer has incurred in relation to its interests in joint ventures and its share in each of the contingent liabilities which have been incurred jointly with other venturers; its share of the contingent liabilities of the joint ventures themselves for which it is contingently liable; and those contingent liabilities that arise because the venturer is contingently liable for the liabilities of the other venturers of a joint venture. (ii) Capital Commitments any capital commitments of the venturer in relation to its interests in joint ventures and its share in the capital commitments that have been incurred jointly with other venturers; and its share of the capital commitments of the joint ventures themselves.