Consolidating economic exchange ontologies for corporate reporting standard setting

Ivar Blums*, Hans Weigand

*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceedingConference contributionScientificpeer-review


In the last decade, several UFO-grounded economic exchange ontologies have been developed, notably COFRIS, OntoREA, REA2, and ATE. It is time to take the next step in the direction of corporate reporting standard setters, for which an ontological approach is of high potential value. In this paper, we first describe the foundational assumptions for exchange conceptualization and consolidate the latest developments in COFRIS - a core ontology for financial reporting information systems, within the most recent versions of the UFO theories and the OntoUML tool. We then confront COFRIS with the conceptual framework and standards for accounting and financial reporting and compare it with other UFO grounded exchange ontologies.
Original languageEnglish
Title of host publicationProceedings of the 40th International Conference on Conceptual Modeling
Subtitle of host publicationER 2021
Place of PublicationCham
ISBN (Print)978-3-030-89021-6
Publication statusPublished - Oct 2021

Publication series

NameLecture Notes in Computer Science


  • ontologies
  • accounting standards


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