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BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

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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