PIFRA is an abbreviation or short form of “Project to Improve Financial Reporting and Auditing”. It is a project started by the Government of Pakistan to enhance financial management and reporting within various government departments and agencies. The primary purpose of PIFRA is to improve accountability, transparency, and efficiency in financial processes.

PIFRA was started in 1996 in Pakistan with the help of the World Bank. The main goal of this project was to adopt the international accounting standards and the New Accounting Model to keep the financial system accurate and transparent.