Daniel E. OLeary
University of Southern California
Abstract: There are some limitations to the REA model. For these limitations, alternative approaches are proposed. In the basic REA semantic model resources "flow" in and out. However, for some resources, such as digital resources or even capital assets (e.g., land), it is arguable if resources actually "flow in and out." In addition, there has been interest in continuous auditing, which has led to the need for capturing information about when events are entered and how long it took to enter them. Unfortunately, "transaction" time or "event" time, which captures the time that the events, resources and agent information are entered, has not been discussed in concert with the REA model. Further, the need for organizations to plan and use of facilities, for example as part of virtual organizations, requires that we find a parsimonious representation, to capture the appropriate information.
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