Abstract
The International Financial Reporting Standards Conceptual Framework (IFRS CF) serves as the foundation
for developing Standards, which are used in 168 jurisdictions. However, despite its continuous evolution
over the past half-century, the primary concepts, and the application of the Framework in formulating
Standards demand foster ontological and computational progress. Furthermore, the misalignment of the IFRS
CF with other accounting frameworks, particularly the one used in the United States, hinders the
development of converged standards and information systems and complicates the understanding of the
core concepts.
We propose an ontology of the Conceptual Framework for Accounting and Financial Reporting,
grounded in the Unified Foundational Ontology (UFO) and the Core Ontology for Financial Reporting
Information Systems (COFRIS), constructed as an enterprise value cycle. It is developed, presented, and
verified using OntoUML tools. The ontological analysis includes suggestions for improvement and
convergence of accounting frameworks. The ontology is aimed as a basis for standard setting and accounting
model development. An example of a value cycle model for audit is provided
for developing Standards, which are used in 168 jurisdictions. However, despite its continuous evolution
over the past half-century, the primary concepts, and the application of the Framework in formulating
Standards demand foster ontological and computational progress. Furthermore, the misalignment of the IFRS
CF with other accounting frameworks, particularly the one used in the United States, hinders the
development of converged standards and information systems and complicates the understanding of the
core concepts.
We propose an ontology of the Conceptual Framework for Accounting and Financial Reporting,
grounded in the Unified Foundational Ontology (UFO) and the Core Ontology for Financial Reporting
Information Systems (COFRIS), constructed as an enterprise value cycle. It is developed, presented, and
verified using OntoUML tools. The ontological analysis includes suggestions for improvement and
convergence of accounting frameworks. The ontology is aimed as a basis for standard setting and accounting
model development. An example of a value cycle model for audit is provided
| Original language | English |
|---|---|
| Title of host publication | Companion Proceedings of the 42nd International Conference on Conceptual Modeling |
| Subtitle of host publication | ER Forum, 7th SCME, Project Exhibitions, Posters and Demos, and Doctoral Consortium co-located with ER 2023 |
| Publisher | CEUR |
| Number of pages | 15 |
| Volume | 3618 |
| Publication status | Published - Nov 2023 |
| Event | 42nd International Conference of Conceptual Modeling: ER 2023 - Lisbon, Portugal Duration: 6 Nov 2023 → 9 Nov 2023 |
Conference
| Conference | 42nd International Conference of Conceptual Modeling |
|---|---|
| Country/Territory | Portugal |
| City | Lisbon |
| Period | 6/11/23 → 9/11/23 |
Keywords
- UFO
- OntoUML
- value cycle model
- financial reporting
- COFRIS
- shared information systems