The PEFA framework is the most comprehensive assessment instrument. It provides indicators to measure all dimensions of a PFM system. While PEFA assessments are now in wide usage, other diagnostic instruments and tools – like the IMF Fiscal Transparency Code and various World Bank and OECD tools – are used alongside them for more specific purposes. Alternatively, the CIPFA’s Whole System Approach aims to complement the PEFA and provide a broader approach. As an analytical framework, it does not seek to measure PFM practice but to inform design and evaluation of PFM systems.
However, criticisms have been made that these standardised instruments should not be used as PFM reform templates, as they do not take into account the functionality of PFM systems.
