This study is a qualitative enquiry into the experiences of grade 12 Business Studies educators in the process of compiling school-based assessment portfolios for learners in 2009. It answers the question: “What are the primary challenges in the process of compiling School Based Assessment (SBA) portfolios for FET Business Studies? The literature review covers the strengths and limitations of portfolio-based assessment as a strategy for combining formative and summative assessment purposes, the complexities of curriculum change and implementation, and bureaucratic and professional forms of accountability. In order to understand what is involved in the portfolio assessment implementation processes, I analyzed six assessment policy documents, two circulars and two Chief Moderators’ reports. I also interviewed four teachers and four principals, two each from more and less advantaged schools in Johannesburg. Findings from the document analysis illustrate the incomplete and at times contradictory nature of the assessment policies and circulars, while the interviews highlighted a lack of communication and mutual adaption between stake holders in the compilation of SBA portfolios. The key recommendation is that the concept of mutual adaptation may be useful to overcoming the challenges encountered in SBA portfolio compilation.