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Synopsis The changing role of financial management in the next millennium will be most visible in these five areas: Corporate value integration; creation of virtual corporation; real time reporting; treasury and risk management; change catalyst. The reforms process has changed the perception of the financial markets towards business enterprises and the business philosophy of the managements themselves. One perceptible change is a better-calibrated market evaluation of company performance. While markets see value and reward positive developments that enhance shareholder value, inefficiencies are punished ruthlessly. The emphasis is on creation of wealth though optimum utilisation of resources. For example, companies recording higher turnover and profitability with lower asset base have become the darlings of the bourses. In fact, large fixed assets creation is seen more as a burden affecting the performance. Thus the emphasis is to get the best out of existing facilities and ensure consistent good performance.