Abstract

Enterprises operate in markets by building and fulfilling exchange relationships. However, up to date accounting information systems are organized in an enterprise-specific way. We introduce the Market Information perspective on top of the Exchange (Shared Ledger) and Enterprise-Specific perspectives. The latter, developed earlier, are enhanced and the interplay with the Market perspective elaborated. First, we analyze how are Market related concepts of Offering, Contract, Resource, and Social Interaction represented in UFO ontologies and other ontologies. Second, we propose a Market perspective, and included Exchange, and Enterprise perspective conceptual model of a Shared Information System for Financial Reporting in OntoUML language, and third, we analyze the International Accounting Standards Board (IASB) Conceptual Framework and Standards for Financial Reporting to uncover construct deficit and overload in these Standards and Framework for usage in Shared Information Systems.

Highlights

  • Enterprises operate in markets by building and fulfilling exchange relationships

  • What is new in this paper is that we suggest Financial Reporting (FR) to be a subsystem of Market, Exchange, and Enterprise Information Systems, having the FR ontology grounded on upper ontologies and harmonized with Legal, Economic, Business, and IT ontologies, frameworks and standards

  • The key research questions for this paper are: (1) how can we benefit from sharing information of Market, Exchange, Business, and Financial Reporting IS; (2) which foundational ontologies, core ontologies, ontological patterns, enterprise related frameworks, and standards can help building a shared IS; (3) what are the deficiencies of current Financial Reporting frameworks and standards when taking the perspective of a shared environment?

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Summary

Introduction

Enterprises operate in markets by building and fulfilling exchange relationships. Traditionally, information systems support the enterprise by collecting and storing data that is available within the enterprise. What is new in this paper is that we suggest FR to be a subsystem of Market, Exchange, and Enterprise Information Systems, having the FR ontology grounded on upper ontologies and harmonized with Legal, Economic, Business, and IT ontologies, frameworks and standards. While there are several new papers regarding the development of AIS in blockchain systems e.g., [24, 25], a foundational ontology grounded and fully FR compliant ontology for IS that share Market, Exchange, Business, and FR compliant information does not exist. The key research questions for this paper are: (1) how can we benefit from sharing information of Market, Exchange, Business, and Financial Reporting IS; (2) which foundational ontologies, core ontologies, ontological patterns, enterprise related frameworks, and standards can help building a shared IS; (3) what are the deficiencies of current Financial Reporting frameworks and standards when taking the perspective of a shared environment?. We analyzed UFO concepts and models, the existing accounting theories, standards, information systems and integrated them into a conceptual model represented in verified OntoUML [13] diagrams and constraints

Ontological Foundations Background
UFO Social, Service, Legal Sub-ontologies and Other Relevant Concepts
Other Relevant Ontologies (not Grounded in UFO)
Market, Exchange, and Enterprise Shared Information Systems
Some Ontological Choices of our Core Ontology
Market Information System
Exchange Information System
Enterprise Information System and Enterprise-Specific Accounts
10. Different Rights to Receive
Conclusions
Full Text
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