This paper outlines a model for giving meaning to student achievement by referencing assessment to student learning or standards. This effectively shifts the focus in assessment from notions of rank ordering students (comparing their performance purely to each other) to those of monitoring growth or progress and measurement. More specifically it introduces standards-based assessment: the concept and theory. It considers how such systems operate and provides some possible strategies for implementation. Finally it shows how such systems can significantly impact upon human capital and capacity building in education. (Contains 4 tables.)