This study was designed to explore children's understanding of formative assessment and its effects on their learning, in order to establish what learners perceive as important to help them improve their learning. The study found that children have a good understanding of the concepts of feedback, and can articulate clearly the elements most useful for helping them to improve their learning. A key finding of the study was that although there is consistency about the factors involved in good assessment, there is variation in the type of feedback seen as effective in demonstrating those factors. Issues relating to possible gender differences in the reception of feedback, and in what is perceived as helpful, emerged during the study. Recommendations for future research include the need to explore these, followed by the identification of implications for classroom use if a gender-based link relating to formative assessment is found. (Contains 1 table and 1 figure.)