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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