Here is Lewis on the same distinction:
"We seem to have a happy coincidence. To do their first job [emph added] of determining whether truth-in-English would be achieved if a given sentence were uttered [assertively!--MF] in a given context, it seems that the semantic values of sentences must provide information about the dependence of truth on features of context. That seems to be the very information that is also needed, in view of shiftiness, if semantic values are to do their second job [emph added] of helping to determine the semantic values of sentences with a given sentence as constituent. How nice.
...No; we shall see that matters are more complicated." (Index, Context, and Content, 28)
Dummett stresses that it's possible to know a sentence's assertability conditions without knowing how it behaves compositionally:
"We must distinguish...between knowing the meaning of a statement in the sense of grasping the content of an assertion of it, and in the sense of knowing the contribution it makes to determining the content of a complex statement in which it is a constituent: let us refer to the former simply as knowing the content of the statement, and to the latter as knowing its ingredient sense." (447)
[is the reverse situation possible--is it possible to know how a sentence embeds without knowing its assertability conditions?---perhaps, if we consider, for example, sentences whose truth-value we couldn't possibly know.]
Dummett suggests, strangely, that if it were not for what Lewis calls the second role of sentences--the embedding role--we should not have a clear distinction between two kinds of truth, the assertion kind, aka 'correctness', and the merely semantical kind (of which it seems safer to say that the former isn't really truth(!):)
"We left the notion of the correctness of an assertion quite vague...the use of the word 'true' normally involves a distinction beyond [one of e.g. tact]: a distinction between the case when what is asserted actually fails to be true from that in which the speaker merely lacks sufficient warrant for his assertion. If the sentence whose utterance effects the assertion were not one that was capable of occurring as a constituent in more complex sentences, no such distinction could be drawn: the use of the sentence would be completely characterized by saying that it was held appropriate to utter it assertively in such-and-such circumstances, and there would be no room for distinguishing, among those circumstances, those which constituted the assertion as true from those which provided the speaker with a ground or other warrant for holding it to be true." (449-450)
I can see Lewis agreeing on this condition: we should gloss assertability as truth at a context, and truth at a context as truth at a context and the index determined by that context. This seems right as far as the Kaplanian machinery is concerned. Dummett is worried about the same kinds of considerations that would lead one to claim that e.g. "I am speaking" and "I exist" are metaphysically necessary truths. They is always assertable, and we can give a good treatment of that; the need to be careful in this treatment is brought out for Kaplan and Lewis by considering the falsity of sentences like "necessarily, I am speaking" and for Dummett (in much the same vein--compositionally) by considering the non-equivalence of "If I am speaking, then I exist" and "If I exist, then I am speaking."
Conclusion: we have excellent grounds for NOT conflating assertability with truth: while it is true the truth-conditions of p determine the truth-conditions of sentences embedding p, it is not true that the assertability-conditions for p determine the assertability conditions of sentences embedding p.
Dummett writes that "it is not from a consideration of the notions of truth and falsity as they are needed for an account of assertoric force that we can find a justification for Frege's thesis that a sentence containing a name without a bearer has no truth-value" (421). That thesis needs to be grounded in compositional concerns.
Dummett notes that assertoric content of a sentence can lend itself to three-valued logics, since the analogue of bivalence in terms of assertability is surely false (meaning: it's plain false that for any sentence p, either p is assertable or p is deniable.) [This is only one of the natural routes to three-valued logics he suggests--the other is the case of denotation-less sentence constituents like empty names.] But doesn't the above then show that a many-valued logic with this kind of motivation--the kind that comes from wanting to capture the non-bivalence of assertability--rests on a misconceived conflation of truth with assertability?
***The quotes***
"In speaking of sentences themselves...there are two different ways in which we may regard them; and these may give rise to two distinct notions of truth-value. On the one hand, we may think of sentences as complete utterances by means of which, when a specific kind of force is attached, a linguistic act may be effected: in this connection, we require that notion of truth-value in terms of which a particular kind of force may be explained. On the other hand, sentences may also occur as constituent parts of other sentences, and, in this connection , may have a semantic role in helping to determine the truth-value of the whole sentence: so here we shall be concerned with whatever notion of truth-value is required in order to explain how the truth-value of a complex sentence is determined from that of its components. There is no a priori reason why the two notions of truth-value should coincide." (417, emph added)
"Under one use of 'true' or 'false', a thought may be called true just in case the assertion of it would be correct, and false otherwise. (419)
[Dummett here employs a notion of 'correctness' which can be extended to other kinds of speech act, in the vein of Searle's 'conditions of satisfaction.']
[This notion of truth is supposed to be 'pragmatic': "the pragmatic part provides the point of so classifying sentences as true or false, by describing the use that can be made of any given sentence in terms of its truth-conditions." (417) ]