S2a.1. Administrative traditions: (Continental Napoleonic; Continental Federal; Nordic; Anglo-Saxon; Central Eastern European; South Eastern European) (Kuhlmann et al., 2025)

S2a.2. Citizen orientation/structural concentration (Jugl, 2025)

S1.1. Country's/Region's overall income, economic growth and economic diversification (Moody's)

S1.2. Wealth and income levels – GDP per capita with local qualitative adjustments (S&P)

S1.3. Economic stability (Fitch)

S1.4. Financial market development, affected by endogenous, exogenous and specific-sector factors (Fitch)

S1.5. Sovereign rating (Fitch)

S2b.1. Growth, inflation, interest rates, currency depreciation (IMF)

S2b.2. Economic and political uncertainty and risks (IMF, IPSASB)

S2b.3. Oil prices (IMF)

S2b.4. Population ageing (IMF, IPSASB)

S2b.5. Future economic and demographic conditions (IPSASB)

S2b.6. Assumptions about country and global trends (e.g., productivity, competitiveness, population age, income, educational level and workforce participation) (IPSASB)

S2b.7. Purchasing Power Parities (OECD)

S2b.8. Population, GDP (OECD, ECB)

S2b.9. Citizens and other stakeholders' sentiments and reactions (IMF)

1.1. Sovereign risk, political conditions and policy environment (sovereign creditworthiness, political stability and macro-policy credibility)

1.1.1. Sovereign credit rating and perceived credit risk [S1.5]

1.1.2. Economic and political uncertainty, governance and risk factors [S2b.2]

1.1.3. Forward-looking policy and global trend assumptions (productivity, competitiveness, etc.). [S2b.6]

1.1.4. External comparability and international positioning (purchasing power parties, population/GDP scale, country and global trends) [S2b.7; S2b.8; S2b.6]

1.2 Financial system characteristics and market conditions (depth, functioning and vulnerability of financial markets)

1.2.1. Financial market development and sector-specific conditions [S1.4]

1.2.2. Market-sensitive macro-financial factors (interest rates, inflation expectations, exchange rate dynamics) [S2b.1]

1.2.3. Exposure to commodity price fluctuations, particularly oil [S2b.3]

1.3. Macroeconomic strength, structure and performance (local level)

(core indicators of economic capacity, stability, income levels and structural characteristics)

1.3.1. Overall economic size, income level, growth performance and diversification [S1.1; S1.2; S2b.8]

1.3.2. Economic stability and macro-financial resilience (inflation, interest rates, currency depreciation) [S1.3; S2b.1]

1.3.3. Structural long-term economic outlook (demographics, productivity, competitiveness) and citizens/stakeholders' sentiments and reactions [S2b.4; S2b.5; S2b.6; S2b.9]

S1.6. Rules and procedures about governing powers and responsibilities (robust and clearly defined in the law; transparency in any change) (Moody's)

S1.7. Fiscal planning and budget management; fiscal policies such as debt and deficit ceilings (Moody's, S&P)

S1.8. Fiscal controls, transparent accounts and in-year monitoring and reporting (Moody's)

S1.9. Adequacy of the revenues to the expenditures (S&P)

S1.10. Predictability (frequency, implementation and outcomes) of the reforms affecting the division of responsibilities and revenues between levels of governments (S&P)

S1.11. Operational environment, which includes the revenue mix, tax autonomy, intergovernmental relations, funding and any equalisation mechanisms, expenditure profile, level and mix of responsibilities and bankruptcy regime (Fitch)

S1.12. Easy access to funding (domestic capital market, banks, public sector funding) (Moody's)

S1.13. Rescue mechanisms and exceptional support from Central government (Fitch, S&P)

S1.14. External support (bank and ad hoc loans from government (Fitch)

S2a.3. Legal constraints - an assessment should include at least fiscal rules, debt limits and insolvency procedures (Geissler et al., 2021)

S2a.4. Supervision and accountability mechanisms: No model clearly emerges from the literature, but an assessment should include at least: frequency, enforcement power, compliance vs transparency and performance-based accountability, independence, e.g. administrative control vs managerial autonomy (Geissler and Wegrich, 2021)

S2a.5. Intergovernmental arrangements: degree of vertical dispersion of authority, degree of horizontal coordination (Pollitt and Bouckaert, 2017)

S2b.10. Nature of the entity and regulatory environment (IPSASB)

S2b.11. Revenues shared with the central government vs local discretionary revenues (IMF)

S2b.12. Key institutional characteristics, such as government accountability and governance, to build trust (IMF)

S2b.13. Electoral cycles (IMF)

S2b.14. Transparency and effective communication strategies, for fostering public trust (IMF)

S2b.15. Transfer dependency and vertical fiscal imbalances (IMF)

2.1. Institutional framework, governance quality and legal foundations (fundamental rules, legal structures and governance mechanisms that shape how the public sector operates)

2.1.1. Legal framework, governing powers, responsibilities and institutional clarity [S1.1; S2a.1; S2a.3]

2.1.2. Governance quality, accountability, supervision and enforcement mechanisms [S2a.2; S2b.3]

2.1.3. Transparency, communication and institutional trust-building [S1.3; S2b.5]

2.1.4. Regulatory and operational environment of the entity [S1.6; S2b.1]

2.2 Fiscal management, budgetary performance and financial controls (how effectively a government plans, manages, controls and monitors its fiscal position)

2.2.1. Fiscal planning, budgeting discipline and policy frameworks [S1.2; S2a.1]

2.2.2. Fiscal controls, monitoring and reporting quality [S1.3]

2.2.3. Revenue adequacy relative to expenditure responsibilities [S1.4; S2b.2]

2.2.4. Predictability and stability of reforms affecting responsibilities and revenues [S1.5]

2.3. Financing capacity, access to funding and support mechanisms (the ability to secure financing and the role of higher-level support mechanisms)

3.1. Access to funding and liquidity sources [S1.7; S1.9]

3.2. Intergovernmental support and rescue mechanisms [S1.8]

2.4. Intergovernmental relations and structure of powers (how authority, responsibilities and resources are shared across levels of government)

4.1. Intergovernmental arrangements, revenue-sharing and coordination mechanisms [S1.6; S1.5; S2b.2; S2a.3]

2.5. Political dynamics and cyclical influences (political factors that shape budgetary behaviour, trust and institutional stability)

5.1. Electoral and political cycles influencing fiscal decisions [S2b.4]

5.2. Citizen and stakeholder trust, expectations and engagement [S2b.3; S2b.5]

S1.15. National regulation of public-sector accounting systems and standards of financial reporting and planning, in the transparency and accountability subdimension (S&P)

S1.16. Sector-wide accounting and reporting policies for borrowing and control and monitoring (Fitch)

S1.17. Accounting policies, reporting and transparency (Fitch)

S2a.6. Accrual accounting vs others

S2a.7. Adoption of IPSAS

S2a.8. Non-financial information

S2b.16. Comparison of fiscal reality in cash basis (OECD)

S2b.17. Accrual basis and international standards essential to improve the comparability and transparency of government financial reports (IPSASB, OECD)

S2b.18. ESA2010 (ECB)

S2b.19. Government Financial Statistics (GFS) – cash or non-cash (a spectrum of recording basis other than cash, including accrual) information (IMF)

3.1. Governance, regulation and transparency of public-sector accounting (rules, oversight systems and governance mechanisms that ensure financial reporting integrity, monitoring, transparency and control in the public sector)

3.1.1. Regulatory framework for public-sector accounting, reporting, borrowing and monitoring [S1.15; S1.16; S1.17]

3.2. Accounting basis, standards adoption and international reporting frameworks

(the conceptual foundation--basis of accounting, alignment with international standards and statistical/reporting frameworks enabling comparability and high-quality public-sector information)

3.2.1. Accounting basis and methodological foundations (cash, accrual, hybrid; GFS classifications) [S2a.6; S2b.15; S2b.18]

3.2.2. Adoption of international financial reporting standards (IPSAS, OECD, ECB frameworks) [S2a.7; S2b.16; S2b.17]

3.2.3. International comparability and harmonised reporting frameworks [S2b.15; S2b.16; S2b.17; S2b.18]

3.3. Accounting for non-financial dimensions

3.3.1. Integrated, sustainability and non-financial reporting requirements (ESG, SDG, IR) [S2a.8]