With rapid explosion of knowledge and the advent of the information technology. New milestones are being added in each segment of natural and social sciences. In the some vein. Management Sciences are also breaking new grounds. ! am pleased to know that the Faculty of Management Sciences, the University of Lahore has changed its teaching approach regarding various disciplines in this field. This is evident from launching of Lahore School of Accountancy & Finance far the award of graduate and post-graduate degrees in commerce and finance. This has been a comparatively neglected area. Previously. much of this field was covered by non-degree programmes for the training of chartered accountants and cost accountants. The initiation of degree programmes by LSAF will supplement the notional demand for middle and higher order professionals in this important field. It is heartening to note that efforts being put into the establishment of LSAF by its qualified faculty and the Dean have started bearing fruit. I am delighted by the launching of this School to prepare manpower of desired quality. My best wishes are with organizers of this programme.