Lean accounting is generally defined as a simplified accounting system
that provides accurate, timely, and understandable information to support
a lean transformation and improve decision making. It uses visual measures
and value stream practices to help maintain financial control (seeMaskell &
Kennedy, 2007). Note that while lean accounting may not be ‘‘common
knowledge’’ in the general populace, it would be a commonly understood
term among the attendees at the Lean Accounting Summit.