This paper is aimed at examining the role of natural resources accounting in sustainable development. The approach used in achieving this objective is by identifying the present position, limitations and the challenges for the economics and accounting professions. It was found out that the main weakness of GDP as a measure of development is that it does not account for environmental resource damages. Natural resources accounting takes care of this weakness. Also developments achieved in some counties like Nigeria so far cannot be described as sustainable because the various developmental processes have misused or over exploited the natural resources and in the process affected the environment negatively. The accounting and economics professions have the challenge of ensuring interdisciplinary collaboration, development of framework to particularly include the environment, development of credible valuation procedures for the environment and inclusion of various ethical positions advanced by various groups on the value of the environment. The study practically implies that major challenges still lies ahead in further improving these approaches so as to achieve the goal of sustainable development.