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OTHER LONG TERM ASSETS
 12 Months Ended
Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
OTHER LONG TERM ASSETS
OTHER LONG TERM ASSETS

(in thousands of $)
 
2015

 
2014

Acquired as a result of the Merger
 
9,116

 
—

Accreted interest
 
357

 
—

Provision for uncollectible receivables
 
(4,729
)
 
—

 
 
4,744

 
—



This asset was acquired as a result of the Merger and is the fair value of the amount owed following the sale of a vessel by the Former Golden Ocean in 2009. The balance falls due on March 31, 2017 and was valued at $9.1 million based on the actual amount of $10.0 million that is owed and a 7% discount rate. The amount owed bears interest of 2%. In 2015, $0.6 million was recorded as interest income in respect of this asset, $0.2 million was in respect of interest income received and $0.4 million was in respect of the amortized of the fair value adjustment. The provision for uncollectible receivables was recorded following an impairment review that was triggered by a significant fall in rates in the Baltic Dry Index.