The quantification of GHG emissions serves as a basis for other functions of carbon accounting. This chapter introduces scientific protocols for measuring and reporting the physical carbon emissions (including Scope 1, 2, and 3 emissions) of a reporting entity. Furthermore, carbon management often extends beyond the reporting entity’s boundaries. Thus, the methodology for a life-cycle analysis of the emissions footprint of a product in a supply chain is illustrated. In addition, the recognition and measurement of carbon-related assets and liabilities are key issues in carbon accounting and management. Accordingly, accounting treatments for these types of assets and liabilities for financial reporting purposes are explained with real-life examples.