From the Common Core State Standards FAQ section:
Will common assessments be developed?
Like adoption of common core standards, it will be up to the states: some states plan to come together voluntarily to develop a common assessment system, based on the common core state standards. A state-led consortium on assessment would be grounded in the following principles: allow for comparison across students, schools, districts, states and nations; create economies of scale; provide information and support more effective teaching and learning; and prepare students for college and careers.
This state-led consortium on assessment is PARCC (Partnership for Assessment of Readiness for College and Careers), consisting of 24 states that have adopted the Common Core Standards that are working together to develop assessments in English and math anchored in what it takes to be ready for college and careers.
Those assessments will be ready for states to administer during the 2014-15 school year. The next year, PARCC plans to set scores on those assessments that will indicate whether a student is on track to be college ready. Visit the website for more info: