Assessment is one of the very important and essential domains of education to determine students' learning attainment. Authenticity and effectiveness of education system cannot be determined without reliable and valid assessment. There have been different types of assessments used for different levels and fields in education. In the present time, Student Learning Outcomes (SLOs) based assessment has emerged as leading and the most acceptable ways of assessing students' learning in most part of the world. This dissertation explores the readiness level of teachers in introducing SLOs-based assessment in grade V board level examination in Gilgit-Baltistan, Gilgit region, through quantitative research method. Teachers' views about SLOs-based assessment, perceptions about the successful implementation of SLOs-based assessment, various challenges that would teachers face and professional training needs of teachers, if SLOs-based assessment is being introduced in grade V board level examination discussed in various themes. A newly developed and validated survey questionnaire ISLOBA, based on five-point Likert scale was used for data collection. 1 80 male and female participants were selected through multi grade stratified sampling procedures. The validated questionnaire was distributed among the participants in district Ghizer for data collection. Further, the data were tabulated, analysed and interpreted category wise and findings were made employing descriptive statistics. The study concludes that majority of the respondents were not satisfied with the current traditional way of board examination system of class V. In contrast, large number of respondents considered SLOs-based assessment as an important way of assessing child's personal, social development as well deeper understanding, and critical thinking skills. Some teacher were feeling themselves equipped, while equally same number of teachers stated that they need professional trainings before introducing new examination system. Majority of respondents were of the view that, if SLOs-based assessment is introduced it would reduce the chances of text cramming and rote memorization among students. It was also stated that implementation of the SLOs-based assessment mainly depends very much on the school level leadership and a reform of the existing examination system. Hence, Outcome Based Assessment plays an important role in enhancing students' motivation and autonomy in their learning. Based on the findings, this paper discusses some of the suggested processes to be included in the implementation of SLOs-based assessment and the issues to be considered in the actual implementation.