Abstract In the context of information systems, the requirements analysis may be the most important phase in information systems development. Requirements modeling used for many years different techniques from flowcharting through data flow diagrams and entity-relationship diagrams to object-oriented schema today. Conceptual modeling which is at the core of the analysis task focuses on building a faithful representation of a domain of problem that can be incorporated in the development of an information system. High quality conceptual modeling is important because it enables early detection and correction of system requirements errors. Yet little research has been undertaken on many aspects of conceptual modeling to address the fundamental question: “How can we model the world to better facilitate our developing, implementing, using, and maintaining more valuable information systems?” (wand &weber,2002). This paper reviews the types of research that have already been undertaken and future research opportunities.