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Disposition: Resolved omg issue No: fibofnd11-10


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EDMC-FIBO FND 1.1 RTF


Disposition: Resolved

FIBOFND11-10





Disposition: Resolved

OMG Issue No: FIBOFND11-10


Title: Revise the Currency Amount Ontology and add ISO Currency Codes as required by FIBO FBC

Source: Elisa Kendall, Thematix Partners LLC

Summary:

FBC extended the existing CurrencyAmount ontology and added a new ontology, ISO4217-CurrencyCodes, containing individuals representing all of the ISO currency codes as of August 30, 2015, for use in downstream FIBO ontologies, such as for defining currency-based instruments, interest rates, etc. This issue and corresponding resolution integrate the changes to CurrencyAmount and new ontology (machine-readable files only for the codes themselves) defined in the FBC RFC into the FIBO FND specification.



Discussion:

This issue affects sections 3.1, Normative References, 8.2 Ontology Architecture and Namespaces and 10.12.2 Ontology: CurrencyAmount. The modifications are additive, i.e., this change represents new content for Foundations. In addition to the specification changes as noted, the resolution adds a new set of machine readable files for the currency codes themselves.

This resolution depends on the resolution of issue FIBOFND11-8.

Resolution:

Revise the existing CurrencyAmount ontology, defined in section 10.12.2, to support definition of the ISO 4217 currency codes and leverage the new QuantitiesAndUnits ontology provided via the resolution to issue FIBOFND11-8.

Augment the existing set of machine-readable files with (a) the revised CurrencyAmount and new ISO4217-CurrencyCodes ontologies, in the form of RDF/XML-serialized OWL, (b) ODM XMI (compliant with the ODM metamodels for RDF and OWL), (c) ODM UML XMI (compliant with the ODM Profiles for RDF and OWL), and (d) the corresponding Visual Ontology Modeler (VOM)/MagicDraw ancillary files.

Revised Text:


  1. In section 3.1, Normative References, add the following two rows following the row for ISO 1087:

[ISO 4217a] ISO 4217 Codes for the representation of currencies and funds, Seventh edition, 2008-07-15

[ISO 4217b] ISO 4217 Currency and funds code list, 2014-03-28





  1. In section 8.2, Table 8.3, insert the following row after the row for fibo-fnd-acc-cur:

fibo-fnd-acc-4217 http://www.omg.org/spec/EDMC-FIBO/FND/Accounting/ISO4217-CurrencyCodes/



  1. Make the following changes to the text of section 10.12.2:

Revise the text in the first sentence describing the ontology that immediately follows the 10.12.2 heading to read:

“This ontology defines currency and monetary amount related concepts for use in defining other FIBO ontology elements.”

Delete the last sentence in the same paragraph (which reads “This ontology also defines related terms such as currency.”).

Add a second paragraph, as follows:

“The definition of currency provided herein is compliant with the definitions given in ISO 4217. ISO 4217 provides universally applicable coded representations of names of currencies and funds, used internationally for financial transaction support. The ontology has been partitioned into 2 parts: (1) the essential concept system describing the standard (this module), and (2) ISO4217-1-CurrencyCodes, which contains all of the individuals specified in ISO 4217.”


  1. Replace Figure 10.67, Currency Concepts with the following figure, caption, and text:




Figure 10.67 Definitions for Currency and Currency Identifiers

Figure 10.67 provides the complete definition of Currency and CurrencyIdentifier as specified in the ISO 4217 standard. It also depicts a MoneyAmount as a kind of QuantityValue that has a base money unit of Currency.




  1. Delete Figure 10.68, Physical Money Amount Concepts, as the new Figure 10.67 includes that part of the model.

  2. Replace Figure 10.69, Monetary Amounts and Measures with the following figure:






  1. Insert the following text below the caption for Figure 10.69 and above Table 10-77:

“Metadata defining the primary metadata elements for the CurrencyAmount ontology are given in Table 10-77, below.”


  1. Replace existing Table 10-77 with the following:

Table 10-77 Currency Amount Ontology Metadata

Metadata Term

Value

sm:filename

CurrencyAmount.rdf

sm:fileAbbreviation

fibo-fnd-acc-cur

OntologyIRI

http://www.omg.org/spec/EDMC-FIBO/FND/Accounting/CurrencyAmount/

owl:versionIRI

http://www.omg.org/spec/EDMC-FIBO/FND/20150801/Accounting/CurrencyAmount/

sm:dependsOn

http://www.omg.org/spec/EDMC-FIBO/FND/Utilities/AnnotationVocabulary/

http://www.omg.org/spec/EDMC-FIBO/FND/AgentsAndPeople/Agents/

http://www.omg.org/spec/EDMC-FIBO/FND/Utilities/BusinessFacingTypes/

http://www.omg.org/spec/EDMC-FIBO/FND/Relations/Relations/

http://www.omg.org/spec/EDMC-FIBO/FND/Arrangements/Codes/

http://www.omg.org/spec/EDMC-FIBO/FND/Arrangements/IdentifiersAndIndices/

http://www.omg.org/spec/EDMC-FIBO/FND/Places/Countries/

http://www.omg.org/spec/EDMC-FIBO/FND/Utilities/Analytics/

http://www.omg.org/spec/EDMC-FIBO/FND/Quantities/QuantitiesAndUnits/




  1. Insert the following text below Table 10-77:

“The content of the CurrencyAmount ontology is defined in Table 10-78, below.”


  1. Replace Table 10-78 with the following table:


Table 10-78 Currency Amount Details

Classes

Name

Annotations

Class Expressions

Currency (currency)

Definition: medium of exchange value, defined by reference to the geographical location of the authorities responsible for it
Definition origin: Codes for the representation of currencies and funds, ISO 4217, Seventh edition, 2008-07-15, section 3.1.

Property Restriction: = 1 hasCurrencyName.string

(fibo-fnd-acc-cur-06)


Property Restriction: = 1 hasNumericCode.string

(fibo-fnd-acc-cur-07)


Property Restriction: ≤ 1 hasMinorUnit.string

(fibo-fnd-acc-cur-08)


Property Restriction: ≤ 1 representsRedenomination.boolean

(fibo-fnd-acc-cur-09)


Property Restriction: isUsedBy.GeopoliticalEntity

(fibo-fnd-acc-cur-05)



CurrencyIdentifier (currency identifier)

Definition: the trigraph representing the currency or fund
Explanatory note: The first (left-most) two characters of the currency identifier provide a code unique to the currency authority to which it is assigned. Wherever practicable, it is derived from the geographical location of the currency authority, as described in ISO 3166.
The third (right-most) character of the identifier (alphabetic code) is an indicator, preferably mnemonic, derived from the name of the major currency unit or fund.
Where the currency is not associated with a single geographical entity as described in ISO 3166-1, a specially allocated identifier (alpha-2 code) will be used to describe the currency authority. This code will be allocated by the Maintenance Agency from within the user-assigned range of codes XA to XZ specified in 8.1.3 of ISO 3166-1:1997. The character following X will be a mnemonic, where possible, derived from the name of the geographical area concerned.
Definition origin: http://www.omg.org/spec/DTV/1.1/

Parent Class: CodeElement
Parent Class: Identifier
Property Restriction: = 1 hasCurrencyTag.string

(fibo-fnd-acc-cur-12)


Property Restriction: denotes.Currency

(fibo-fnd-acc-cur-10)


Property Restriction: identifies.Currency

(fibo-fnd-acc-cur-11)



MonetaryAmount (monetary amount)

Definition: the measure which is an amount of money specified in monetary units
Explanatory note: This is an abstract concept, not to be confused with a sum of money (Money Amount).

Parent Class: MonetaryMeasure
Property Restriction: hasAmount.decimal

(fibo-fnd-acc-cur-02)


Property Restriction: hasCurrency.Currency

(fibo-fnd-acc-cur-04)



MonetaryMeasure (monetary measure)

Definition: some measure of some sum of money
Explanatory note: This may be a measure expressed in terms of decimal plus currency, or it may be a measure expressed in terms of a percentage amount with reference to some other monetary amount or to some Money Amount (actual amount of money)..

Parent Class: Measure



MoneyAmount (money amount)

Definition: a sum of money
Explanatory note: This is an actual sum of money, not the measure of a sum of money in monetary units, although it has the same basic properties (decimal number with a currency unit).

Parent Class: QuantityValue
Property Restriction: ≥ 1 hasBaseMoneyUnit.Currency

(fibo-fnd-acc-cur-03)



PercentageMonetaryAmount (percentage monetary amount)

Definition: a measure of some amount of money expressed as a percentage of some other amount, some notional amount or some concrete money amount
Explanatory note: This will have a relationship to what it is a percentage of. Alternatively and for some applications of this term, there may be an enumerated list of possible things it is a percentage of.

Parent Class: MonetaryMeasure
Property Restriction: isPercentageOf.MonetaryAmount

(fibo-fnd-acc-cur-01)




Properties

Name

Annotations

Property Axioms

hasBaseMoneyUnit (has base money unit)

Definition: the currency in which the money amount is denominated


Parent Property: has
Domain: MoneyAmount
Range: Currency

hasCurrency (has currency)

Definition: the currency in which the monetary amount is defined


Parent Property: has
Domain: MonetaryAmount
Range: Currency

hasNotionalAmount has notional amount)

Definition: has a notional value expressed as some monetary amount, that is a number and a currency in which that number is denominated


Parent Property: has
Range: MonetaryAmount

isTenderIn (is tender in)

Definition: a region or country in which the currency is exchangeable for goods and services
Explanatory note: Commonly referred to also as legal tender, however this definition does not hold literally in some countries e.g. Scotland.

Domain: Currency
Range: GeopoliticalEntity

hasAmount (has amount)

Definition: a total number or quantity

Parent Property: hasNumericValue
Range: decimal

hasCurrencyName (has currency name)

Definition: provides the full currency name, including diacritical marks


Parent Property: hasName
Domain: Currency
Range: string

hasCurrencyTag (has currency tag)

Definition: relates a unique three-character string to the identifier for a currency


Parent Property: hasUniqueIdentifier
Domain: CurrencyIdentifier
Range: string

hasMinorUnit (has minor unit)

Definition: relates a code for the minor unit of currency to the currency or fund
Scope note: Requirements sometimes arise for values to be expressed in terms of minor units of currency. When this occurs, it is necessary to know the decimal relationship that exists between the currency concerned and its minor unit.

- 0 means that there is no minor unit for the currency;



- 1, 2, and 3 signify a ratio of 10 to 1, 100 to 1 and 1000 to 1 respectively.

Domain: Currency
Range: string

hasNumericCode (has numeric code)

Definition: relates a numeric code to the currency or fund
Scope note: The numeric currency code is derived, where possible, from the United Nations Standard Country or Area Code. Additional codes to meet special requirements (as described in 5.1.3) and in respect of funds will be allocated as necessary from within the user-assigned range of codes 950 to 998. Funds codes are allocated in descending order commencing at 998.

Domain: Currency
Range: string

representsRedenomination (represents redenomination)

Definition: indicates that a currency has been redenominated
Scope note: Where a currency is redenominated, the Maintenance Agency shall assign an alpha and a numeric code to the redenominated currency which will enable it to be distinguished from the original denomination of that currency.

Domain: Currency
Range: boolean


Disposition: Resolved


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