This study outlines the development of a resource accounting system for a region of public forestland in northern Alberta. The purpose of this exercise to provide a clearer picture of the market and nonmarket benefits provided by the forest. The services valued include commercial activities such as forestry, trapping, and fishing plus non-subsistence resource use, and environmental control services (carbon sequestration and biodiversity maintenance). The case study provides the basis for future estimates that when tracked over time can provide information regarding the sustainability of income flows from the region. Many of the complexities of resource accounting at this finer resolution parallel those of resource accounting at the national level. The case study also illustrates constraints and challenges unique to the regional and forestry context.