In the last decade of the twentieth century, a new concept emerged known as “lean accounting.” It helps in making better decisions that enable managers and employees to eliminate waste and excess costs, save money, time, and effort, and remove activities that do not add value. Lean accounting possesses techniques that work to achieve its set objectives; among these are value stream costing, which provides new methods for calculating costs, and target costing, which works to achieve competitiveness, generate profits, and support continuous improvement. Accordingly, this study aimed to identify the extent to which the prerequisites for applying lean accounting are available at Hatif Libya Company – Central Region Communications Area. To achieve this objective, the descriptive-analytical method was used, through which the phenomenon under study was described and its data and the relationships among its components were analyzed using a questionnaire as the data collection tool. The data were analyzed using the SPSS program. The questionnaire was distributed to a random sample of managers, department heads, supervisors, and employees of the company. A total of 50 questionnaires were distributed, and 45 were retrieved. The study concluded that a sound administrative system is available, as well as an appropriate accounting information system and a planning system (financial and production). In addition, systems for control and performance measurement are available, along with effective employee training at Hatif Libya Company – Central Region Communications Area, all of which support the application of lean accounting. Keywords: Lean Accounting – Lean Manufacturing – Value Stream.