Semantic ontologies and financial reporting: An application of the FIBO
RWTH Aachen University
This paper illustrates the application of a developed global fund reporting ontology (GFRO) for efficient financial reporting. The GFRO extends Financial Industry Business Ontology (FIBO). Existing reporting financial information systems lack the ability to integrate data from heterogenic sources and provide unified and consistent financial reports that will comply with regulations. This study reveals that by integrating the power of XSLT and Semantic Web technologies, operationalised through the development of a scalable working prototype, allows financial services industry experts to build more flexible and consistent reports. Our research shows that the consistency of financial reports can be dramatically improved by using an appropriate inference engine.
Ontologies , FIBO , Financial reporting , Information systems , Reasoning
Browne, O., Krdzavac, N., O'Reilly, P. and Hutchinson, M. (2017) 'Semantic ontologies and financial reporting: An application of the FIBO', Proceedings of the Joint Ontology Workshops 2017, Episode 3: The Tyrolean Autumn of Ontology, Bozen-Bolzano, Italy, September 21–23, pp. 1-4. Available at: http://ceur-ws.org/Vol-2050/FOMI_paper_1.pdf (Accessed: 13 September 2021)
© 2017, the Authors.