From an object-oriented approach to the financial reporting : an open architecture

This paper developed an Object-Oriented (O-O) approach as an open architecture for financial reporting that is based on the notation Unified Modelling Language (UML) and the Rational Rose® tool. The O-O approach integrated into the financial reporting has interoperable building financial statements that must be available to be included in any economic and financial analysis of a corporation. The implementation of an open architecture for developing financial reporting is supported by the systems analyst work that observes and understands the general domain of financial reporting, as well as, input from the specialists, directors and stakeholders of the corporation. Then, with reference to the Portuguese experience, the research scope is towards a basic structure of financial reporting whose results are applicable to any corporation. The further implication of the architecture for the financial reporting is to built a prototype to answer the market needs.Este artículo desarrolló un enfoque orientado a objetos (O-O en inglés) como una arquitectura abierta para informes financieros, que está basado en la notación Lenguaje Unificado Modelado (LUM), y la herramienta Rational Rose. El enfoque orientado a objetos integrado en los informes financieros tiene estados financieros interoperables del edificio, que debe ser accesible para ser incluido en cualquier análisis económico y financiero de una corporación. La implementación de una arquitectura abierta para el desarrollo de la información financiera es apoyada por el trabajo de los analistas de sistemas, que observa y entiende el campo general tanto de informes financieros como la contribución de los especialistas, directores e inversores de la corporación. Entonces, refiriéndose a la experiencia portuguesa, el ámbito de la investigación se orienta hacia una estructura básica de informes financieros, cuyos resultados son aplicables a cualquier corporación. La implicación adicional de la arquitectura de los informes financieros es construir un prototipo para responder las necesidades del mercado

Tuple-based morphisms for interoperability establishment of financial information models

Dissertação apresentada na Faculdade de Ciências e Tecnologia da Universidade Nova de Lisboa para obtenção do grau de Mestre em Engenharia Electrotécnica e ComputadoresThe current financial crisis has demonstrated that there is a need for financial accounting data in a format which can be rapidly analyzed and exchanged. The appearance of XBRL in 2000 has helped create a ‘de facto’ standard data format for the exchange of financial information. However, XBRL by itself is not capable of ensuring a common semantic for the exchange of accounting information. Additionally, the existence of different accounting standards in different countries is a hindrance to efficient analysis and evaluation of companies by international analysts or investors. Therefore, there is a need to not only use a more advanced data format, but also for tools which can facilitate the exchange of accounting data, in particular when different accounting standards are used. This dissertation presents a tuple-based semantic and structural mapping for interoperability establishment of financial information models based on the use of ontologies and a ‘Communication Mediator’. It allows the mapping of accounting concepts of different accounting standards to be stored in the ‘Communication Mediator’. The mapping stored contains an ATL code expression, which with the aid of model transformation tools, can be utilized to perform the mapping between two different accounting models

State-of-the-art assessment on the implementations of international core data models for public administrations

Public administrations are often still organised in vertical, closed silos. The lack of common data standards (common data models and reference data) for exchanging information between administrations in a cross-domain and/or cross-border setting stands in the way of digital public services and automated flow of information between public administrations. Core data models address this issue, but are often created within the closed environment of a country or region and within one policy domain. A lack of insight exists in understanding and managing the life-cycle of these initiatives on public administration information systems for data modelling and data exchange. In this paper, we outline state-of-the-art implementations and vocabularies linked to the core data models. In particular we inventoried and selected existing core data models and identified tendencies in current practices based on the criteria creation, use, maintenance and coordination. Based on the analysis, this survey suggest research directions for policy and information management studies pointing to best practices regarding core data model implementations and their role in linking isolated data silos within a cross-country context. Finally we highlight the differences in their coordination and maintenance, depending on the state of creation and use

Flexible Integration and Efficient Analysis of Multidimensional Datasets from the Web

If numeric data from the Web are brought together, natural scientists can compare climate measurements with estimations, financial analysts can evaluate companies based on balance sheets and daily stock market values, and citizens can explore the GDP per capita from several data sources. However, heterogeneities and size of data remain a problem. This work presents methods to query a uniform view - the Global Cube - of available datasets from the Web and builds on Linked Data query approaches

A Mechanism-Based Explanation of the Institutionalization of Semantic Technologies in the Financial Industry

Part 3: Creating Value through ApplicationsInternational audienceThis paper explains how the financial industry is solving its data, risk management, and associated vocabulary problems using semantic technologies. The paper is the first to examine this phenomenon and to identify the social and institutional mechanisms being applied to socially construct a standard common vocabulary using ontology-based models. This standardized ontology-based common vocabulary will underpin the design of next generation of semantically-enabled information systems (IS) for the financial industry. The mechanisms that are helping institutionalize this common vocabulary are identified using a longitudinal case study, whose embedded units of analysis focus on central agents of change—the Enterprise Data Management Council and the Object Management Group. All this has important implications for society, as it is intended that semantically-enabled IS will, for example, provide stakeholders, such as regulators, with better transparency over systemic risks to national and international financial systems, thereby mitigating or avoiding future financial crises

Experiments and Results by Modeling the Financial Domain with UML

AbstractThe current research illustrates a framework for modeling the bankruptcy prediction models using the Unified Modeling Language. The developed framework uses the Anghel bankruptcy prediction model which is ranked by the local specialists as one of the most representative and actual autochthonous model. Also, our decision regarding the modeling of Anghel bankruptcy prediction function was based on the high accuracy rate of the model which is higher that 95%. Thus, through the UML modeling of the Anghel function it was intended to highlight the extent to which current economic transactions, carried out within the company (sales, purchasing, commissioning), submit through accounting operations (which supplies the balance of accounts) items in the annual financial statements information that determines the final score of Anghel function. Due to such application, any company could be able to find out at any moment the Anghel score value and hence the company's financial status (which can be either financial stability or bankruptcy risk). Owning such information could be vital for the company because, in the case of financial instability warning, the top management will have a sufficient margin of time to bring the activity to a healthy state and thus to prevent the bankruptcy settlement. Furthermore, the current UML developed model can be acquired by a add-on computer application and integrated into an ERP system within a Business Intelligence Component or a Scorecard component/module. Through such integration, the application will benefit from the computerization of other ERP modules from which will be able to retrieve information regarding the account balances. Such information is necessary to determine the cumulative, multi-level hierarchical Z-score value function as presented in our detailed UML model

Flexible Integration and Efficient Analysis of Multidimensional Datasets from the Web

If numeric data from the Web are brought together, natural scientists can compare climate measurements with estimations, financial analysts can evaluate companies based on balance sheets and daily stock market values, and citizens can explore the GDP per capita from several data sources. However, heterogeneities and size of data remain a problem. This work presents methods to query a uniform view - the Global Cube - of available datasets from the Web and builds on Linked Data query approaches

Blockchain and sustainability disclosure: A scenario-based application for supply chains

This paper presents the implications of blockchain technologies on sustainability reporting and disclosure, and specifically proposes blockchain use-cases as a possible solution for problems experienced in the field of supply chain carbon information. This study addresses how the reliability of supply chains’ carbon-related information can become more transparent and reliable through a decentralized approach based on blockchain thinking (BT), issues that have been identified as a gap in the literature and in the practice. Scenario analysis and design science research (DSR) are used as a methodological driver to conceptualize over the nature of practical solutions using unified modeling language (UML) diagrams. The resulting use-case focuses on data retrieval in the supply chain. The paper also presents implications for the audit industry and their role in the assurance of such technological architecture implementations. The study is visionary as it offers a conceptualization based on scenario analysis. Developing a scenario enables researchers to depict a prospective situation, develop ability to solve future problems, and to back cast them in current policies, technologies, and actions

X-IM Framework to Overcome Semantic Heterogeneity Across XBRL Filings

Semantic heterogeneity in XBRL precludes the full automation of the business reporting pipeline, a key motivation for the SEC’s XBRL mandate. To mitigate this problem, several approaches leveraging Semantic Web technologies have emerged. While some approaches are promising, their mapping accuracy in resolving semantic heterogeneity must be improved to realize the promised benefits of XBRL. Considering this limitation and following the design science research methodology (DSRM), we develop a novel framework, XBRL indexing-based mapping (X-IM), which takes advantage of the representational model of representation theory to map heterogeneous XBRL elements across diverse XBRL filings. The application of representation theory to the design process informs the use of XBRL label linkbases as a repository of regularities constitutive of the relationships between financial item names and the concepts they describe along a set of equivalent financial terms of interest to investors. The instantiated design artifact is thoroughly evaluated using standard information retrieval metrics. Our experiments show that X-IM significantly outperforms existing methods