Abstract. This paper presents a knowledge-based approach to eLearning, where the domain ontology plays central role as a resource structuring the learning content and supporting flexible adaptive strategies for navigation through it. The content is oriented to computer aided language learning of English financial terminology. Domain knowledge is acquired to cover the conceptualisation of basic notions about financial markets. The learning objects are annotated according to the type labels of a precisely elaborated type hierarchy and associated first-order logic propositions. The learner model and adaptivity decisions exploit the hierarchy of concepts. We claim that the well-organised domain knowledge might be a prerequisite which provides interoperability of learning objects, at least in a significant number of learning applications. Unfortunately, exchange between ontologies is difficult, as there is no much knowledge available (in the Semantic Web). But our approach shows clear ...