corporate means any corporate body or company referred to in “designated body” paragraph (a) or (b) of the definition of which is designated or deemed “public entity” to be designated in terms of section 39; of means a person responsible for the financial affairs of a Ministry who “director finance” is directly accountable to the accounting officer of that Ministry; means any reduction allowed on an amount of revenue due to the Consolidated “discount” Revenue Fund which is authorised by the Treasury; of means an official publication of the amounts itemised by “estimates expenditure” Ministry or other heading that are sought by the Minister to be appropriated; means— “financial institution” (a) the Reserve Bank; or (b) a building society registered under the Building Societies Act [Chapter or 24:02]; (c) a banking institution registered under the Banking Act [Chapter or 24:20]; (d) the Bank established by the People’s Own Savings People’s Own Savings Bank of Zimbabwe Act [Chapter 24:22]; means— “financial statements” (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; in relation to— “financial year”, (a) the State or the finances of , 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; and wasteful means expenditure which was made in vain and would “fruitless expenditure” have been avoided had reasonable care been taken; accepted accounting means accounting practices and procedures that “generally practice” 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; means— “local authority” (a) a municipal council, town council, local board or rural district council; or
“designated corporate body” means any corporate body or company referred to in paragraph (a) or (b) of the definition of “public entity” which is designated or deemed to be designated in terms of section 39; “director of finance” means a person responsible for the financial affairs of a Ministry who is directly accountable to the accounting officer of that Ministry; “discount” means any reduction allowed on an amount of revenue due to the Consolidated Revenue Fund which is authorised by the Treasury; “estimates of expenditure” means an official publication of the amounts itemised by Ministry or other heading that are sought by the Minister to be appropriated; “financial institution” means— (a) the Reserve Bank; or (b) a building society registered under the Building Societies Act [Chapter 24:02]; or (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 , 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
Public%20Finance%20Management%20Act%20as%20amended%20at%2031%20October%202016.docx