Vienna University of Economics and Business
The most prominent business ontology for accounting information systems is the Resource-Event-Agent (REA) ontology developed by McCarthy, Geerts and others. REA is a widely accepted framework for the design of a conceptual model of the accountability infrastructure of enterprise information systems. Originally, REA targeted the resource flows within and between companies describing what is currently occurring and what has occurred in the past. This is known as the operational layer. Later it was extended by a planning layer and a policy layer capturing what should, could, or must be occurring sometime in the future.