Public Finance Management Act [Chapter 22:19] as amended as at 28 October 2016 (c) a banking institution registered under the Banking Act [Chapter 24:20]; or (d) the People’s Own Savings Bank established by the People’s Own Savings Bank of Zimbabwe Act [Chapter 24:22]; “financial statements” means— (a) a statement of financial position; and (b) a statement of comprehensive income; and (c) a statement of cash-flow; and (d) audited or unaudited monthly, quarterly or annual financial accounts; and (e) any other statements that may be prescribed; “financial year”, in relation to— (a) the State or the finances of Zimbabwe, means the period of twelve months ending on the 31st December in any year; (b) a public entity or statutory fund means the period specified under the Act or memorandum and articles of association or foundational document, as the case may be, by or in terms of which that public entity or statutory fund is established; (c) a fund established by or in terms of this Act, means the period of twelve months ending on the 31st December in any year or such other period as may be fixed by the Treasury; “fruitless and wasteful expenditure” means expenditure which was made in vain and would have been avoided had reasonable care been taken; “generally accepted accounting practice” means accounting practices and procedures that are consistent with this Act and are recognised by the accounting profession as appropriate for reporting financial information relating to a Ministry, reporting unit, constitutional entity, statutory fund or public entity; “local authority” means— (a) a municipal council, town council, local board or rural district council; or (b) any other board, council or body which is declared by the Minister, by notice in the Gazette, to be a local authority for the purposes of this Act; “Minister” means the Minister of Finance or any other Minister to whom the President may, from time to time, assign the administration of this Act; “officer” or “public officer” means any person— (a) in the employment of the State or a designated corporate body; or (b) whose salary is paid from a fund required to be audited by the Auditor-General other than the Consolidated Revenue Fund or the funds of a designated corporate body; “outputs” means goods produced or services provided; “prescribed” means prescribed by Treasury instructions in terms of section 78, or by regulations in terms of section 88 or 92, as may be appropriate; -7-