In the increasing scientific debate about sustainable forest management, a crucial role is played by the development of adequate instruments of evaluation and survey. The current system of national accounts (SNA) underestimates the full value of forest resources and does not permit a correct evaluation of the total contribution of forests to economic welfare. The SNA reflects, partially, the consumption of forest natural capital or the costs of loss of forest quality. This is due to the fact that it registers only the value of produced outputs that are traded in the marketplace. The non-market functions provided by forests (recreational, aesthetic, ecological and protective) are definite “non-SNA functions” and are not taken into account. As many studies have demonstrated, forests have a higher value than that solely connected to production aspects. This paper focuses on the results of an attempt to correct the accounting system in order to estimate and integrate the benefits of non-traded-goods and services provided by forests located in the Province of Trento (northeast Italy). The Province includes approximately 50% forest cover, thus providing an important case study of forest valuation.