Generally Accepted Reserve Study Standards take the position that software must comply with certain calculation and report presentation requirements.
Accurate, consistent calculations and disclosures are at the heart of any reserve study report.
ICBI has developed a testing protocol to determine if software meets these standards. The protocol involves a series of tests using a given data set of component and financial data that has known answers. Only when software has been certified by ICBI to have passed the series of tests can a reserve preparer include a statement in their report that the software used in preparation of the reserve study report meets ICBI software compliance standards. A reserve preparer may otherwise prepare a reserve study report, but must include a disclosure that the software used has not been tested for compliance with ICBI software standards.
Any reserve study software vendor may apply for their software to be tested. Upon application, a screen sharing session is opened and the data set is provided to the software vendor. The sofware vendor must enter and process the data during the live screen sharing session and produce reports in comliance with ICBI standards. The software will receive either a pass or fail rating.
Members of ICBI that use their own software, as opposed to an already certified software product, have access to the formulas that are used in certified software products to help guide them in the development of their own software.
Several software products have been tested, have met the ICBI standards, and have been certified by ICBI. They are:
Facilities 7 - USA
RFAPRO - Canada
RFSMiddleEast - Dubai