Generally Accepted Reserve Study Standards take the position that software must comply with certain calculation and report presentation requirements. Any reserve study software vendor may apply for their software to be tested. Upon application, a questionnaire/checklist of software requirements is provided to the applicant. When the applicant, after determining that checklist requirements are met, a screen sharing session is opened and the data set is provided to the software vendor. The software vendor must enter and process the data during the live screen sharing session and produce reports in compliance with ICBI standards. The software will receive either a pass or fail rating. All certification applications and processes are strictly confidential; no disclosure is made of any companies or individuals that have started the certification process. The only announcements made are of those software products that have successfully completed the certification process.
Prospective members of ICBI that intend to use their own software, as opposed to an already certified software product, are provided access to the formulas that are used in certified software products to help guide them in the development of their own software. Membership applications are not accepted until it is determined that the prospective member is using a certified software product.
Several software products have been tested, have met the ICBI standards, and have been certified by ICBI. They are:
- Facilities 7 - USA
- PRA System - USA and worldwide
- RFAPRO - Canada
- RFSMiddleEast - Dubai
- SCT Reserves - USA