Assessment is a core component of quality early childhood practice. It is explicitly highlighted in the new Early Years Leanring Framework V2.0 and is a standard within Quality Area 1 of the National Quality Standard. In everyday early childhood education and care (ECEC) settings, and in initial teacher education, assessment is often limited to observational and narrative-driven approaches. Recent reviews of the literature highlight that there are few other assessment tools readily available to educators. What assessment looks like in early childhood is changing. The Commonwealth, as part of the Preschool Reform Funding Agreement, is developing, trialling, and implementing a preschool outcomes measure. The jurisdictions, too, are driving change: the Victorian Early Years Assessment and Learning Tool is an assessment designed to make consistent observations and assessments of children’s learning in preschool settings. The current state of assessment practices in early childhood settings, and the coming reforms, are provoking a debate about the purpose of assessment and the time invested in conducting assessment. Typically, distinctions are made between formative and summative assessments, as well as population measurement or reporting. Different tools are used for each – educators may imagine soon writing learning stories, completing a transition statement, and undertaking a new preschool outcome assessment for each child in their preschool setting. This paper highlights the latest trends and research in assessment in the early years and discusses a new model of early childhood assessment.