This document provides technical information on estimating, reporting and accounting of harvested wood products. It contains a set of definitions relating to wood products, global data on stocks and trade of wood products and descriptions of methodologies for estimating and measuring carbon stocks contained in these products. It also describes the socio-economic and environmental impacts of different approaches for accounting. Each approach is analysed with regard to the implications of accounting of emissions and removals on prices, demand and supply of wood products, bioenergy, recycling, selected social variables, the environment, incentives created for sustainable forest management, and the emission-limitation targets under the Kyoto Protocol. Examples of the possible effects of different approaches on national greenhouse gas emissions and removals in selected countries are also provided