Abstract:
One of the drastic changes that has taken place in the manufacturing sector is the emergence of lean production systems and its associate: the lean accounting. The study is a literature review meant to examine the implementation effect of leanaccounting practices on the financial performance of listed industrial goods firms in Nigeria. The focus of this modern approach is to help reduce unit cost while increasing production efficiency. The literature review findings revealed that many manufacturing firms, in an attempt to reduce costs, have unwittingly adopted certain aspect(s) of lean manufacturing system, along with the existing traditional accounting system. Also, the level of lean accounting consciousness in Nigeria is very low, even among academics and professionals. The study, thus conclude implementation lean accounting practices is laudable but lack of or low level of awareness impede the derivation of the perceived benefits by many Nigerian industrial goods firms. The study therefore suggests, amongst others; the necessity of lean accounting with among the listed industrial goods firms in Nigeria as it leads to the optimal provision of appropriate information and better use of the establishment’s resources at reduced costs.
