Several UFO grounded economic exchange ontologies have been developed in the last decade, notably COFRIS, OntoREA, REA2, and ATE. An important question is whether they have reached a level to support financial reporting standard setters. This article first describes the foundational assumptions for exchange conceptualization and consolidates the latest developments in COFRIS - a core ontology for financial reporting information systems, within the most recent versions of the UFO theories and the OntoUML tool. The ontology is evaluated based on competency questions. Furthermore, it is confronted with the conceptual frameworks and standards for accounting and financial reporting and compared with other UFO grounded exchange ontologies. The results show both the maturity level of current exchange ontologies and their applicability to standard setting.