This paper discusses progress in the development by the Description Group of the InterPARES 2 (International research on Permanent Authentic Records in Electronic Systems) Project of MADRAS – Metadata and Archival Description Registration and Analysis System, a metadata schema registry and analysis system for the identification, registration, and analysis of existing and prospective metadata schemas, sets, and application profiles relevant to electronic recordkeeping and digital preservation. It updates a paper presented at last year's IS&T Archiving Conference in Washington, DC. This paper will update our progress in the development of the system, describe some of the findings to date, describe our relationship with the developers of ISO 23081 and their influence on MADRAS, and outline some challenges encountered in the development process. InterPARES is an international multi-disciplinary research collaboration emanating out of the archival community that has been working since 1999 to devise new models, methods and automated tools for ensuring the creation and preservation of reliable and authentic electronic records. The second phase of this project, InterPARES 2, which is due to be completed in 2006, integrates the disciplinary perspectives and concerns of the scientific and digital arts communities, as well as those of e-government, and is focusing in particular on the preservation of records generated by emergent interactive, experiential and dynamic systems and processes.