This article considers the assessment challenges and prospects faced by foreign language teachers in Ukrainian universities in the context of the country's joining the Bologna Process. A major problem relates to adapting higher education to a common framework designed to facilitate comprehension and comparison of the content and outcomes of degree programmes and devising methods of quality assurance in foreign language teaching. The implementation of reforms in the area includes the improvement of assessment standards, the creation of new assessment instruments, and ensuring that teachers' professional repertoire includes skills in accurately measuring students' performance. Given the increased role of assessment in Ukrainian language education and the challenges this new demand poses to teachers, we investigated university foreign language teachers' readiness to carry out complex and multifaceted functions related to formative and summative assessment. Specifically, we replicated the European Survey of Language Testing and Assessment Needs and carried out a survey of our own design to identify specific strengths and weaknesses in the assessments performed by university foreign language teachers. The surveys yielded results that are broadly comparable with the European data, but with minor variations that mostly have to do with newly introduced forms of assessment. Our study shows that Ukrainian university foreign language teachers are quite test-wise and prepared to do a good job in language testing and assessment. The insights drawn from the data can contribute to developing syllabi for pre- and in-service teacher training in the area.