The bill includes measures to offer catch-up support for children who fall behind academically, pupil and parent education guarantees and home school agreements to improve behaviour in schools.
It also gives schools greater control over budgets and introduces the School Report Card, which will grade schools on their performance.
A home educators registration system, a professional licence to practice for teachers and new powers for local authorities and the Secretary of State to intervene to raise standards in schools are among other measures outlined in the bill.
Balls said the bill would realise his vision for a 21st century school system.
He said: "It is right to ensure that parents and pupils have a clear set of expectations about what education they should receive. It is also right that they play a full part in working with schools to ensure their children behave. This will give head teachers the authority they need to say parents must play their part."
He added that the bill would take parental engagement and responsibility "to a new level" while giving schools the freedom to deliver for pupils and parents.
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