The purpose of this study was to determine parents' and teachers' perceptions of standards-based and traditional report cards. Participants included 115 parents/guardians of students from a single, midsize school district that had implemented a standards-based report card. During the first two marking periods, all parents/guardians received both a traditional report card in which teachers assigned a single overall grade for each subject and a standards-based report card that included marks for individual standards within subjects. After midyear, parents were asked to complete a survey that asked which form they preferred and the reasons for their preference. Three hundred and eighty three teachers from two nearby midsize school districts considering the adoption of the same standards-based report card completed a similar survey. Parents overwhelmingly preferred the standards-based form. The teachers considering the adoption of a standards based report card were positive overall, but significantly less than the parents who had received them.