InsideHigherEd has a very interesting article on the competency based transcripts that Northern Arizona University is now offering to students enrolled in its new competency-based program. The sample transcript attached to the article shows the competencies that are being assessed, and how a mythical student performed on each of them.
The transcript is not perfect, but it is a big a step forward! I have long been amazed at higher ed's attachment to its traditional grading system. Faculty speak glowingly of the manifold dimensions of the learning going on in their classes (this is the reason outcome measures are unacceptable, of course), but at the end of the semester, they are happy to sum up the students new-found mastery of these manifold dimensions into a simple letter grade, A-F. The information not contained in this grade is very large, and does a disservice to the students, faculty who will be teaching the students in the future, and future employers who want to know what the students actually know.