ESRB: Entertainment Software Rating Board
The current rating system is the Entertainment Software Rating board.
Each product is rated by three independent, trained raters. The raters represent a wide range of backgrounds, races, and ages and have no ties to the interactive-entertainment industry. Raters include retired school principals, parents, professionals, and other individuals from all walks of life. Here are the ESRB rating definitions:

Early Childhood
Titles rated Early Childhood (EC) have content suitable for children ages 3 and older and do not contain any material that parents would find inappropriate.

Everyone
Titles rated Everyone (E) have content suitable for persons ages 6 and older. These titles will appeal to people of many ages and tastes. They may contain minimal violence, some comic mischief (for example, slapstick comedy), or some crude language. This rating formerly was known as Kids to Adult (K-A)

Teen
Titles rated Teen (T) have content suitable for persons ages 13 and older. Titles in this category may contain violent content, mild or strong language, and/or suggestive themes.

Mature
Titles rated Mature (M) have content suitable for persons ages 17 and older. These products may include more intense violence or language than products in the Teen category. In addition, these titles may include mature sexual themes.

Adults Only
Titles rated Adults Only (AO) have content suitable only for adults. These products may include graphic depictions of sex and/or violence. Adults Only products are not intended to be sold or rented to persons under the age of 18.

Rating Pending
The product has been submitted to the ESRB and is awaiting final rating.
This information found at:
ESRB Rating System." Online posting. 24 Apr. 2004. Child DevelopementInstitute. 22 Oct. 2004
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