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Briefly: History of Lean Accounting and History of US GAAP

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What is the history and definition of lean accounting? What is the history of GAAP?

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The solution explains the history and definition of lean accounting and GAAP.

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History of lean accounting

Lean accounting stems from lean principles which began with improving production in manufacturing and then spread to other business applications. Lean principles involve moving from batch or linear thinking to studying flow and throughput. Lean principles also concentrate on eliminating unneeded steps and eliminating waste.

An accounting system can be "lean" by applying the principles of removing non-value-added steps and ...

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