This article examines the meanings and impact of "Assessment for Learning" initiatives in schools against the back drop of assessment reform in Singapore since 1997. It is argued that "Assessment for Learning" is understood in different ways, and these different meanings do not always benefit students' learning. The different meanings of "Assessment for Learning" in Singapore are unpacked, and three areas for improvement for Assessment for Learning are suggested--clear standards for effective feedback practices, assessment for sustainable learning and assessment for integrating holistic learning.