In the changing economic condition and economic expansion, contemporary financial management has a very pertinent role. Modern reforms of contemporary financial management form the basis for sustained economic growth and the reduction of inequality. Such effective financial management has strengthened budget implementation. Through this government is now engaged in a second wave of improving financial systems to address governance weaknesses. The term “contemporary” means that this approach to new financial management that has a modern goal and perspective for the financial system and results in maximum economic growth and strength. . It involves making a new financial decision, monitoring the variance between actual and budgeted results and identifying the reasons for this variance, etc. At the most fundamental level, contemporary financial management is concerned with the management of assets, liabilities, revenues, profitability and the financial system. It goes a step further in ensuring that the economic condition and financial system remain on track to achieve its goals and maximize growth. Contemporary financial management marries transparency, accountability and greater review and feedback in the financial and budgeting process, with the aim of promoting sound financial management and also ensuring accountability. The new financial management introduces a system for the use of funds intended to finance only targeted services, programs and projects or pre-conditioned policies, and where the recipient has no discretionary power to spend such funds. Funds must be allocated efficiently according to the prescribed method. The expenditure of money must be approved in accordance with the provisions of contemporary financial management. Contemporary fi...... middle of paper ......l restructuring can also be called contemporary financial management and this restructuring includes significant changes in the capital structure of an organization, including leveraged buyout, recapitalization with leverage and the exchange of debt for equity capital. Finally, the corporate restructuring process involves financial restructuring or changes in financial management as one of the restructuring methods. This change in financial management is also called contemporary financial management which has led to economic growth and expansion. The effect of corporate restructuring and contemporary financial management on the performance of the economy is very positive and very important. A company that has been effectively financially restructured will theoretically be leaner, more efficient, better organized and better focused on its core business with a revised strategic and financial plan.