The purpose of this brief report is to present a balanced look at current issues surrounding the education reform known as "academic standards." Prepared by the Morrison Institute for Public Policy at the request of Greater Phoenix Leadership, the information contained in this report is intended for a business audience. It does not advocate any particular stance or make policy recommendations, but rather presents a platform from which the business community might choose a position. The report is organized around four areas of interest: (1) the national context for academic standards, (2) facts regarding Arizona's standards, (3) the pros and cons of academic standards, and (4) specific issues and positions in the national business community related to academic standards.