REA model; DEMO enterprise ontology (DEO); DEMO methodology; Co-creation and Co-production

The REA ontology is a domain ontology that aims to support accounting information systems that must provide a truthful and appropriate ? GAAP compliant - descriptive perspective of an enterprise in operation. While the application of a domain ontology provides strong benefits, the current representation of the REA model does not provide the desired results; an appropriate working accounting system. One of the root causes of this problem is the lack of a proper formal representation of the REA model. In this paper the DEMO methodology is applied to provide a generic domain and application-independent DEMO model (the CC-CP model) for co-creation and co-production in any industrial production chain. This model appears to be also appropriate to capture any interaction between an enterprise and any external parties, stakeholders, customers, suppliers, personnel etc, and support accounting systems. This approach offers several new advantages, notably: i) prescriptive workflow-like operation of the enterprise with full transaction driven execution; ii) process-mining (-like) analysis of daily operation; iii) ontological completeness of factual knowledge as required not only for accounting systems but also for other descriptive information systems and iv) completeness of implementation for any kind of business interactions between enterprises.