From conceptual framework toward revenue recognition

Ivars Blums; Hans Weigand

From conceptual framework toward revenue recognition

Ivars Blums
, Hans Weigand

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › Scientific › peer-review

Abstract

The International Financial Reporting Standards (IFRS), adopted across 168 jurisdictions and subject to continuous refinement, serve not only for report preparers and users, but also as a critical underpinning for localized policies across countries, industries, and individual enterprises. Although the IFRS are constructed upon the foundational premises of the Conceptual Framework for Financial Reporting (CF), inconsistencies persist, leading to challenges in the comparability of financial reports. Grounding of the concepts in Unified Foundational Ontology (UFO) has helped to improve different frameworks and standards. Leveraging this approach, we have developed, refined, and herein present the CF Ontology. Using CF Ontology, we conduct an ontological analysis of the IFRS 15 standard, "Revenue from Contracts with Customers", and introduce a preliminary ontology model for this standard in OntoUML.

Original language	English
Title of host publication	Proceedings of the 17th International Workshop on Value Modelling and Business Ontologies
Editors	Hans Weigand, Tiago Prince Sales, Paul Johanesson
Number of pages	13
Publication status	Published - Feb 2024
Event	Value Modeling and Business Ontologies - Den Bosch, Netherlands Duration: 26 Feb 2024 → 27 Feb 2024

Workshop

Workshop	Value Modeling and Business Ontologies
Abbreviated title	VMBO 2024
Country/Territory	Netherlands
City	Den Bosch
Period	26/02/24 → 27/02/24

Keywords

Accounting
ontology
UFO
OntoUML
COFRIS
financial reporting
revenue recognition
unit of account
control

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Cite this

@inproceedings{d2f71b1f114d47358727930748218692,

title = "From conceptual framework toward revenue recognition",

abstract = "The International Financial Reporting Standards (IFRS), adopted across 168 jurisdictions and subject to continuous refinement, serve not only for report preparers and users, but also as a critical underpinning for localized policies across countries, industries, and individual enterprises. Although the IFRS are constructed upon the foundational premises of the Conceptual Framework for Financial Reporting (CF), inconsistencies persist, leading to challenges in the comparability of financial reports. Grounding of the concepts in Unified Foundational Ontology (UFO) has helped to improve different frameworks and standards. Leveraging this approach, we have developed, refined, and herein present the CF Ontology. Using CF Ontology, we conduct an ontological analysis of the IFRS 15 standard, {"}Revenue from Contracts with Customers{"}, and introduce a preliminary ontology model for this standard in OntoUML.",

keywords = "Accounting, ontology, UFO, OntoUML, COFRIS, financial reporting, revenue recognition, unit of account, control",

author = "Ivars Blums and Hans Weigand",

year = "2024",

month = feb,

language = "English",

editor = "Hans Weigand and \{Prince Sales\}, Tiago and Paul Johanesson",

booktitle = "Proceedings of the 17th International Workshop on Value Modelling and Business Ontologies",

note = "Value Modeling and Business Ontologies, VMBO 2024 ; Conference date: 26-02-2024 Through 27-02-2024",

}

TY - GEN

T1 - From conceptual framework toward revenue recognition

AU - Blums, Ivars

AU - Weigand, Hans

PY - 2024/2

Y1 - 2024/2

N2 - The International Financial Reporting Standards (IFRS), adopted across 168 jurisdictions and subject to continuous refinement, serve not only for report preparers and users, but also as a critical underpinning for localized policies across countries, industries, and individual enterprises. Although the IFRS are constructed upon the foundational premises of the Conceptual Framework for Financial Reporting (CF), inconsistencies persist, leading to challenges in the comparability of financial reports. Grounding of the concepts in Unified Foundational Ontology (UFO) has helped to improve different frameworks and standards. Leveraging this approach, we have developed, refined, and herein present the CF Ontology. Using CF Ontology, we conduct an ontological analysis of the IFRS 15 standard, "Revenue from Contracts with Customers", and introduce a preliminary ontology model for this standard in OntoUML.

AB - The International Financial Reporting Standards (IFRS), adopted across 168 jurisdictions and subject to continuous refinement, serve not only for report preparers and users, but also as a critical underpinning for localized policies across countries, industries, and individual enterprises. Although the IFRS are constructed upon the foundational premises of the Conceptual Framework for Financial Reporting (CF), inconsistencies persist, leading to challenges in the comparability of financial reports. Grounding of the concepts in Unified Foundational Ontology (UFO) has helped to improve different frameworks and standards. Leveraging this approach, we have developed, refined, and herein present the CF Ontology. Using CF Ontology, we conduct an ontological analysis of the IFRS 15 standard, "Revenue from Contracts with Customers", and introduce a preliminary ontology model for this standard in OntoUML.

KW - Accounting

KW - ontology

KW - UFO

KW - OntoUML

KW - COFRIS

KW - financial reporting

KW - revenue recognition

KW - unit of account

KW - control

M3 - Conference contribution

BT - Proceedings of the 17th International Workshop on Value Modelling and Business Ontologies

A2 - Weigand, Hans

A2 - Prince Sales, Tiago

A2 - Johanesson, Paul

T2 - Value Modeling and Business Ontologies

Y2 - 26 February 2024 through 27 February 2024

ER -

From conceptual framework toward revenue recognition

Abstract

Workshop

Keywords

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