Microsoft has recently announced the public preview of V2 version of Azure Active Directory PowerShell cmdlets. It includes several new capabilties and it will be provided through the new AzureAD PowerShell Module. Azure AD team is also working on making all functionality of the old MSOL module available in the new module.
One of the key features of the new module is a close alignment of the PowerShell functionality with the Graph API capabilities. We are also moving towards a faster and more agile release process for new or updated functionality of these cmdlets.
The new PowerShell cmdlets already provide more functionality in several areas, most notably for Modern Authentication and MFA, and includes new management capabilities for Applications and Certificate Authority through PowerShell.
Read more about it here.
The above video shows how you can use the new Azure AD PowerShell module to configure an application in your directory and assign users to roles for the new application.