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Accurate accounting is essential for sound decision-making by the public, policymakers, and investors. High-quality accounting standards are also essential to the efficient functioning of our capital markets. Currently, accounting standards do not address natural assets such as watersheds, aquifers, or other green infrastructure, even though these can often be among an agency’s most important assets. Earth Economics prepared this report for the Governmental Accounting Standards Board (GASB) and their Advisory Council (GASAC), proposing a sequence of steps the GASB can take to address natural resources in accounting, ranging from clarifying existing accounting rules to developing new accounting rules.