This report discusses the outcomes of a study that investigated teacher perceptions of the educational value of the Indiana Assessment System of Educational Proficiencies (IASEP) as an effective tool used to evaluate educational progress for students with moderate and severe disabilities. Fifteen teachers of students with moderate and severe disabilities participating in the statewide alternative assessment IASEP were surveyed. Analysis of the survey, follow-up interviews, and questionnaires brought to light significant limitations and benefits of IASEP according to the respondents. Overall, a significant number of respondents rated the IASEP as too subjective and arbitrary to be a good evaluative tool to track the educational progress of students with moderate and severe disabilities. The results also indicate that IASEP is not an adequate tool to use to measure best practices and accountability. However, the IASEP Standards and Essential Skills used in the rating rubrics were rated as a high quality tool program design for students with moderate and severe disabilities. Appendices include survey materials. (CR)