This paper presents assessments of Public Financial Management (PFM) Systems for two regional Asian groups – the South Asian Association for Regional Cooperation (SAARC) and the Association for South East Asian Nations (ASEAN). The study undertaken uses the Public Expenditure and Financial Accountability (PEFA) results for assessment of the performance of PFM systems of countries both within and across the two regions for the six PEFA framework dimensions. This paper also presents results of the study for comparing regional performance with global averages for various PEFA indicators to identify strengths and weaknesses. An in-depth analysis of the PEFA assessments was also done to identify key features and initiatives undertaken by the countries where strengths in PFM system indicators was identified, and recommendations made, for countries moving on the path of PFM reforms for performance improvement.