We propose changes to carbon emissions accounting standards that will improve reporting efficiency and accelerate progress toward effective climate solutions. The first section summarizes a method to account for emissions as liabilities tied to product or service outputs that pass down a supply chain. The second section builds on the liability side of the balance sheet, and presents a pathway for what we call Emissions Liability Management (ELM), akin to traditional balance sheet management. Emissions result in essentially permanent firm liabilities. We establish methods by which firms would allocate capital to temporarily balance their liabilities with traded carbon assets on a path toward extinguishing those liabilities. We then address a number of technical issues around carbon ownership, trading and custody that must be overcome to provide a viable path to meaningful growth of carbon markets.