BILLS RECEIVABLE	9 Months Ended
Sep. 30, 2011
BILLS RECEIVABLE	4. BILLS RECEIVABLE Bills receivable represented an instrument which contains an unconditional order to pay a certain amount on an agreed date. It is used as an assurance for customers making the payment on time according to the agreed terms when the goods are sold on credit and payment is deferred to a future date. As of September 30, 2011 and December 31, 2010, bills receivable was $2,771,091 and $423,903, respectively. $0 and $179,685 of bills receivable as of September 30, 2011 and December 31, 2010 was used as collateral for bank loans, respectively (Note 15).

BILLS RECEIVABLE

9 Months Ended

Sep. 30, 2011

4. BILLS RECEIVABLE

Bills receivable represented an instrument which contains an unconditional order to pay a certain amount on an agreed date. It is used as an assurance for customers making the payment on time according to the agreed terms when the goods are sold on credit and payment is deferred to a future date. As of September 30, 2011 and December 31, 2010, bills receivable was $2,771,091 and $423,903, respectively. $0 and $179,685 of bills receivable as of September 30, 2011 and December 31, 2010 was used as collateral for bank loans, respectively (Note 15).

- Definition

The entire disclosure for claims held for amounts due a company. Examples include trade accounts receivables, notes receivables, loans receivables.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Statement of Position (SOP)

-Number 01-6

-Paragraph 13

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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Reference 5: http://www.xbrl.org/2003/role/presentationRef

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Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

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Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

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Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

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-Section 50

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-URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5074-111524

+ Details

ORB Automotive 10-Q