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BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2018
Accounting Policies [Abstract] |
Schedule of Price Risk Derivatives | The realized and unrealized gain on oil derivative instrument is as follows:
(in thousands of $) | Year Ended December 31,
| 2018 |  | 2017 |
Realized gain on oil derivative instrument | 26,737 |  | — |
Unrealized (loss) gain on oil derivative instrument | (9,970 | ) | 15,100 |
| 16,767 |  | 15,100 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The change in presentation for the years ended December 31, 2017 and 2016 are as follows:
(in thousands of $) | As previously reported | Adjustments (decrease) increase | As adjusted
December 31, 2016 |  |  |
Administrative expenses | 45,960 |  | (8,658 | ) | 37,302 |
Project development expenses | — |  | 8,658 |  | 8,658 |
December 31, 2017 |  |  |
Administrative expenses | 50,334 |  | (12,303 | ) | 38,031 |
Project development expenses | — |  | 12,303 |  | 12,303 |
The adoption changed how restricted cash is reported in the consolidated statements of cash flows as follows for the twelve months ended December 31, 2017 and 2016:
(in thousands of $) | Cash flow line item | As previously reported | Adjustments decrease | As adjusted
December 31, 2016 |  |  |
OPERATING ACTIVITIES | Restricted cash and short-term deposits | 47,834 |  | (47,834 | ) | — |
INVESTING ACTIVITIES | Restricted cash and short-term deposits | 22,928 |  | (22,928 | ) | — |
FINANCING ACTIVITIES | Restricted cash and short-term deposits | (74,608 | ) | 74,608 |  | — |
As a result of the above changes, the following subtotals as retrospectively restated are as follows:
Net (decrease) increase in cash, cash equivalents and restricted cash | 118,955 |  | 3,846 |  | 122,801 |
Cash, cash equivalents and restricted cash at beginning of period | 105,235 |  | 412,182 |  | 517,417 |
Cash, cash equivalents and restricted cash at end of period | 224,190 |  | 416,028 |  | 640,218 |
December 31, 2017 |  |  |
OPERATING ACTIVITIES | Restricted cash and short-term deposits | 57,110 |  | (57,110 | ) | — |
INVESTING ACTIVITIES | Restricted cash and short-term deposits | 11,239 |  | (11,239 | ) | — |
FINANCING ACTIVITIES | Restricted cash and short-term deposits | (50,136 | ) | 50,136 |  | — |
As a result of the above changes, the following subtotals as retrospectively restated are as follows:
Net (decrease) increase in cash, cash equivalents and restricted cash | (9,328 | ) | (18,213 | ) | (27,541 | )
Cash, cash equivalents and restricted cash at beginning of period | 224,190 |  | 416,028 |  | 640,218 |
Cash, cash equivalents and restricted cash at end of period | 214,862 |  | 397,815 |  | 612,677 |
Schedule of useful lives applied in depreciation | Useful lives applied in depreciation are as follows:
Vessels (excluding converted FSRUs and FLNG) | 40 years
Vessels - converted FSRUs | 20 years from conversion date
Vessels - FLNG | 30 years from conversion date
Drydocking expenditure | 5 years
Deferred drydocking expenditure - FLNG | 20 years
Mooring equipment - FLNG | 8 years
Office equipment and fittings | 3 to 6 years
Schedule of Error Corrections and Prior Period Adjustments | The change in presentation for the years ended December 31, 2017 and 2016 are as follows:
(in thousands of $) | As previously reported | Adjustments (decrease) increase | As adjusted
December 31, 2016 |  |  |
Change in fair value of derivative instruments | — |  | (26,644 | ) | (26,644 | )
Change in assets and liabilities: |  |  |
Other current and non-current assets | 14,924 |  | (309 | ) | 14,615 |
Other current and non-current liabilities | (17,273 | ) | 26,953 |  | 9,680 |
December 31, 2017 |  |  |
Change in fair value of derivative instruments | — |  | (24,498 | ) | (24,498 | )
Change in assets and liabilities: |  |  |
Other current and non-current assets | (102,453 | ) | 21,556 |  | (80,897 | )
Change in fair value of oil derivative instrument | — |  | (15,100 | ) | (15,100 | )
Other current and non-current liabilities | 81,844 |  | 18,042 |  | 99,886 |
The change in presentation for the years ended December 31, 2017 and 2016 are as follows:
(in thousands of $) | As previously reported | Adjustments decrease | As adjusted
December 31, 2016 |  |  |
Gains (losses) on derivative instruments | — |  | 16,491 |  | 16,491 |
Other financial items, net | 8,691 |  | (16,491 | ) | (7,800 | )
December 31, 2017 |  |  |
Gains (losses) on derivative instruments | — |  | 20,696 |  | 20,696 |
Other financial items, net | 20,627 |  | (20,696 | ) | (69 | )

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