derickv!
You can have flow meters installed for accurate results. (with vortex flow meters or density compensated orifice meters by fischer rosemount) But they will cost you a fortune for once checking. I will tell you how I roughly check it as a standard practice every week. Empty out your receiver. Close all drain valves and receiver outlet valve. Start the compressor, load it and note down the time. Let the pressure built up to the level you require and say it P1 and note down the time. Now the formula is
[(P1+1.0336)*V]/(1.0336*t) P1 should be in kg/sq.cm g, V is in cu.m and t the time in minutes (duration for which you pressurised the receiver) then the free air discharge you get is in cu.m/min. Devide it by 35.67 and you will get CFM.
Generally when manufacturers test the capacity they take temperature also into consideration.
Regards,
Repetition is the foundation of technology