XML 100 R40.htm IDEA: XBRL DOCUMENT
v3.20.1

RECENT ACCOUNTING PRONOUNCEMENTS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Accounting Changes and Error Corrections [Abstract] |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | ASC 606 has been applied to those contracts that were not completed at the date of initial application. The cumulative effect of the adjustments made to our condensed consolidated statement position at January 1, 2018 from the adoption of ASC 606 was as follows: Condensed Consolidated Balance Sheet
(in thousands of $) | December 31, 2017 |  | Adjustments for ASC 606 |  | January 1, 2018 |
Assets |  |  |
Voyages in progress | 38,254 |  | (20,303 | ) | 17,951 |
Other current assets | 13 |  | 3,071 |  | 3,084 |
Liabilities |  |  |
Accrued expenses | 38,809 |  | (601 | ) | 38,208 |
Equity |  |  |
Accumulated deficit | (272,503 | ) | (16,631 | ) | (289,134 | )
The impact of the adoption of ASC 606 on our condensed consolidated balance sheets, condensed consolidated income statements of operations and condensed consolidated statements of cash flow for 2018 were as follows: Condensed Consolidated Statement of Financial Position
| Balance at December 31, 2018
(in thousands of $) | As reported |  | Adjustments for ASC 606 |  | Balance without ASC 606 |
Assets |  |  |
Voyages in progress | 59,437 |  | (31,850 | ) | 91,287 |
Other current assets | 5,359 |  | 5,410 |  | (51 | )
Liabilities |  |  |
Accrued expenses | 37,031 |  | (959 | ) | 37,990 |
Equity |  |  |
Accumulated deficit | (295,118 | ) | (25,481 | ) | (269,637 | )
Condensed Consolidated Income Statement
| For the period ended December 31, 2018
(in thousands of $) | As reported |  | Adjustments for ASC 606 |  | Balance without ASC 606 |
|  |  | — |
Voyage charter revenues | 690,901 |  | (11,548 | ) | 702,449 |
Voyage expenses and commission | 377,772 |  | (2,698 | ) | 380,470 |
Net (loss) income | (8,398 | ) | (8,850 | ) | 452 |
Basic and diluted loss per share attributable to the Company | (0.05 | ) | 0.05 |  | — |
Condensed Consolidated Statement of Cash Flows
| For the period ended December 31, 2018
(in thousands of $) | As reported |  | Adjustments for ASC 606 |  | Balance without ASC 606 |
Net loss | (8,398 | ) | (8,850 | ) | 452 |
Change in operating assets and liabilities | (38,695 | ) | 8,850 |  | (47,545 | )
Net cash provided by operating activities | 46,171 |  | — |  | 46,171 |

X
- References No definition available. + Details
Name: | us-gaap_AccountingChangesAndErrorCorrectionsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=116846552&loc=d3e765-108305 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.10-01.(b)(6)) -URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=116846552&loc=d3e725-108305 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794 + Details
Name: | us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration