In this paper, the authors discuss the issue of academic equivalence as it applies to international transfer of credit. They describe the history of the problem, list factors that encourage diversity and those that promote uniformity, and review and evaluate possible solutions, which may involve either turning over equivalence to outside certified experts, or directly negotiating differences between institutions. The authors then review the basic building blocks of a negotiated equivalence agreement--credits, courses and course distribution, grades and GPA, and degrees--and present steps for designing an academic equivalence program.