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The OntoREA© Accounting and Finance Model: Ontological Conceptualization of the Accounting and Finance Domain

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Conceptual Modeling (ER 2017)

Part of the book series: Lecture Notes in Computer Science ((LNISA,volume 10650))

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Abstract

Geerts and McCarthy [1, 2] extended McCarthy’s [3] Resource-Event-Agent (REA) accounting model with a forward-looking perspective by including commitments and economic contracts. Schwaiger [4] investigated the extended REA accounting model with respect to accounting and finance requirements and developed the REA-based Asset-Liability-Equity (ALE) accounting model. Due to the ontological neutrality of UML class diagrams [5], financial instruments are not concisely conceptualized. This holds true especially for derivative instruments which have very special temporal modal and identity-related peculiarities. For modeling them the OntoUML language developed by Guizzardi [6] provides a solid foundation. In this article ontological meta-properties of OntoUML are used to specify these peculiarities and to derive the OntoREA© Accounting and Finance Model, which constitutes a valid ontology-based conceptualization of the accounting and finance domain. This model should be beneficial especially for business analysts who have to understand and develop conceptual models for up-to-date enterprise and accounting information systems.

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Author information

Authors and Affiliations

  1. Institute of Management Science – TU Wien, Vienna, Austria

    Christian Fischer-Pauzenberger & Walter S. A. Schwaiger

Authors
  1. Christian Fischer-Pauzenberger
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  2. Walter S. A. Schwaiger
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Corresponding author

Correspondence to Walter S. A. Schwaiger .

Editor information

Editors and Affiliations

  1. University of Klagenfurt, Klagenfurt, Austria

    Heinrich C. Mayr

  2. Free University of Bozen-Bolzano, Bozen-Bolzano, Italy

    Giancarlo Guizzardi

  3. Victoria University of Wellington, Wellington, New Zealand

    Hui Ma

  4. Valencia University of Technology, Valencia, Spain

    Oscar Pastor

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Fischer-Pauzenberger, C., Schwaiger, W.S.A. (2017). The OntoREA© Accounting and Finance Model: Ontological Conceptualization of the Accounting and Finance Domain. In: Mayr, H., Guizzardi, G., Ma, H., Pastor, O. (eds) Conceptual Modeling. ER 2017. Lecture Notes in Computer Science(), vol 10650. Springer, Cham. https://doi.org/10.1007/978-3-319-69904-2_38

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  • DOI: https://doi.org/10.1007/978-3-319-69904-2_38

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  • Publisher Name: Springer, Cham

  • Print ISBN: 978-3-319-69903-5

  • Online ISBN: 978-3-319-69904-2

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