This study estimated the amount of carbon stocks in harvested wood products (HWP) using accounting approaches suggested by 2006 IPCC guidelines and analyzed the impacts of different approaches on national greenhouse gas inventory and the forest sector in Korea. The change in carbon stocks was calculated at the level of semi-finished wood products, which cover sawnwood, wood-based panels, other industrial wood, paper and paperboard. An estimation of the changes in carbon stocks in HWP in use for the period 1970~2008 varied between -9,023 Gg $CO_2$/yr and 4,052 Gg $CO_2$/yr depending on the accounting approach used. The stock-change approach provided the most favorable results because Korea was a net importer of wood products. However, each approach generates different impacts on harvest, trade, the use of wood for energy production and recycling. When deciding its position on accounting approach, thus, the Government should consider future direction of national forest policies as well as the effect on national greenhouse gas inventory for the minimization of negative impacts resulting from its selection.