Professional Standards
Commitment to Recognized Reserve Study Standards
Associated Reserve Planners (ARP) is committed to adherence to the Generally Accepted Reserve Study Principles and Generally Accepted Reserve Study Standards issued by the International Capital Budgeting Institute (ICBI).
These standards represent the only comprehensive, professional-level reserve study standards formally issued for the preparation and reporting of reserve studies. They are specifically designed to promote clarity, consistency, and comparability in reserve study methodology and reporting—supporting the public interest and increasing confidence in reserve study outcomes.
ARP recognizes the ICBI framework as the authoritative benchmark for professional reserve study practice.
Independent Standards Authority
The International Capital Budgeting Institute (ICBI) is an internationally recognized, independent standards-setting organization. This independence is essential because it distinguishes ICBI from trade organizations that have issued reserve study standards primarily to serve their own membership. Unlike trade organizations whose purpose is member advocacy, ICBI develops standards to serve the broader public interest by providing a neutral, defensible framework for professional practice.
The ICBI Standards Committee that developed the reserve study framework consisted of a multidisciplinary group of sixteen professionals from six countries, representing:
- Reserve professionals
- Community association managers
- Board members
- Accountants and financial professionals
- Engineers, contractors, and technical specialists
- Industry service providers
This diverse representation helps ensure the standards:
- Reflect balanced stakeholder interests
- Support financial transparency and accountability
- Promote consistent methodology and reporting practices
- Establish defensible professional standards for reserve study preparation
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The ICBI Standards Framework
The ICBI framework is structured in two integrated components: Principles and Standards, each supported by formal Interpretations. In general the principles represent the “what and why” and that standards represent the “how.”
1. Generally Accepted Reserve Study Principles
The Principles establish the foundational concepts upon which the reserve study process is based.
They define the conceptual framework governing:
- General Principles
- Reserve Activity & Component Principles
- Calculation Principles
- Service Level Principles
- Reporting Principles
- Software Principles
Formal Interpretations clarify and expand each Principle, providing detailed guidance for practical application and professional compliance.
2. Generally Accepted Reserve Study Standards
The Standards establish the performance requirements for the preparation and delivery of reserve studies.
They define minimum professional expectations in the following areas:
- General Standards
- Field Standards
- Reporting Standards
- Software Standards
Formal Interpretations provide implementation guidance and clarify compliance expectations for reserve professionals.
Compliance and Professional Accountability
Adherence to ICBI Principles and Standards promotes:
- Methodological consistency
- Financial integrity in funding projections
- Transparent reporting practices
- Professional defensibility
- Uniform service levels across engagements
By aligning with this independent standards framework, ARP reinforces its commitment to professional discipline, accountability, and public confidence in reserve study practice.
Standards Documentation
The following documents define the complete framework:
- Generally Accepted Reserve Study Principles
- Interpretations of Generally Accepted Reserve Study Principles
- Generally Accepted Reserve Study Standards
- Interpretations of Generally Accepted Reserve Study Standards
Linked standards documents
Generally Accepted Reserve Study Principles
Interpretations of Generally Accepted Reserve Study Principles
Generally Accepted Reserve Study Standards
Interpretations of Generally Accepted Reserve Study Standards
A downloadable Adobe Acrobat copy of the full set of Principles, Standards, and interpretations is available here.