<![CDATA[Purpose – This paper investigates the interpretations of differences in public sector accounting valuations in terms of loss of state. Methodology/approach – Using the qualitative method, the researcher studies the narrative literature of accounting and valuation theory and the related governance practices. Findings – The study helps to identify the conceptual boundaries of accounting and valuation theory, and perhaps the loss of state should not be considered a valuation difference. The loss of state should not be considered a difference in valuation. Furthermore, the study identifies the loss of state as a shift from a process-based accountability system to an outcome-based accountability system in which process-based accountability is shifted to the importance of differences relating to the outcome of a process. Theoretical/Practical/Social implications – This study attempts to contribute to the field of accounting theory by showing the importance of new policymaking and process-based evaluation frameworks for value creation, as well as professional and practical reasoning as opposed to measurable, singular and objective valuation. Originality/value – This study attempts to develop a new framework derived from multiperspective integration of critical valuation and accounting system thinking, and uses its legacy and governance practices to defend situational interpretations of valuation contradictions.]]>
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