Public sector accounting and accountability: a public value(s) perspective

Public value is a well-established concept employed across various disciplines, including public management, public administration, and public policy. In the context of accounting, research on public value accounting has primarily concentrated on its instrumental aspects – specifically, how to measure, control, report, and manage public value. However, there have been relatively few efforts to advance the theoretical foundations of public value accounting or to explore how adopting a public value perspective might reshape the conceptualization and practice of accounting in the public sector. The purpose of this article is to propose a conceptual framework for understanding public sector accounting and accountability through the lens of public value. In doing so, it seeks to provide a foundation for both future academic inquiry and practical application. The study adopts an abductive research approach. First, it conceptualizes the core elements of public value accounting by drawing on relevant literature from accounting, public management, and public administration. Second, it applies the proposed framework through a document analysis of the Italian Ministry of University and Research. This paper contributes to the theoretical development of public value accounting within public services, aiming to stimulate further research and inform practice in this evolving field.