"The concept has also been proposed as an approach for determining the measurement and classification when accounting for insurance contracts.As a result of the increasing prominence the concept of business model has received in the context of financial reporting, the European Financial Reporting Advisory Group (EFRAG), which advises the European Union on endorsement of financial reporting standards, commenced a project on the "Role of the Business Model in Financial Reporting" in 2011.

Business model design generally refers to the activity of designing a company's business model.