By Rachel Alembakis for The Sustainability Report, 27 September 2013: The United Nations Statistics Division has developed an experimental ecosystem accounting system to quantify ecosystem services and conditions in physical and monetary terms. Although the proposed accounting system is initially intended for governmental use, accounting professionals say that it could be used to develop accounting standards for corporate use as well.

Earlier this month, the UN Statistics Divisions released a white paper outlining the System of Environmental-Economic Accounting 2012 – Experimental Ecosystem Accounting (SEEA-Experimental Ecosystem Accounting), which is a synthesis of current knowledge and is a “starting point for the development of ecosystem accounting at national and sub-national levels,” according to the white paper. It is an integrated accounting structure with a common set of terms, concepts, accounting principles and classifications.

Read the full story here in The Sustainability Report including feedback from Australian institutions such as universities and CPA Australia.