For a better understanding of the relationship between PARCC and Smarter Balanced Assessment you could read this article in Educational Leadership:

http://www.ascd.org/publications/educational-leadership/dec12/vol70/num04/Coming-Soon@-A-New-Generation-of-Assessments.aspx

The primary similarities include:

-   Online assessments in grades 3-8 and in high-school ELA, literacy, and math.

-    Variety of assessment items: selected-response, constructed response, technology-enhanced, and complex performance tasks.

-    Quick turnaround time on reporting results

-    Optional interim assessments, professional development modules, formative items and tasks for classroom use, model curriculum units, an online reporting suite, and a digital library for sharing vetted resources and tools.

Key differences:

-    PARCC  will use fixed-form delivery –  Smarter Balanced will use adaptive delivery –

-    PARCC will have one optional diagnostic and one optional midyear assessment - Smarter Balanced will have optional interim assessments for grades 3-12, 

Check out PARCC test items and prototypes: www.parcconline.org/samples/item-task-prototypes.

Check out Smarter Balanced items: www.smarterbalanced.org/sample-items-and-performance-tasks.