It depends on the project life cycle you use and the approach you use. For example, if you use an incremental-iterative life cycle with an Agile-based approach. In my personal case in today workplace, we have a governance process where deliverables are the evidence about a milestone inside the governance process has been completed and that governance process is a layer that is used no matter the life cycle and approaches we use.
On the other side, because our value framework is client-oriented for us a deliverable is evidence that we are "fulfilling the contract" with our clients.