Dr Derek Prince wrote a pamphlet back in the 1970s on "How to Judge Prophecy." It outlines the scriptural basis for judging.
http://www.amazon.com/How-judge-prophecy-Derek-Prince/dp/B0006XKDU8
Here is an outline someone made from that pamphlet:
Nine Steps in Judging Prophecy From “How to Judge Prophecy” by Derek Prince
1) The end purpose of all true prophecy is to build up, to admonish and to encourage the people of God
1 Corinthians 14:3, 2 Corinthians 10:8, 13:10 - authority is given to build up, not tear down.
a) Edification - to build up
b) Exhortation - admonition, stirs up
c) Comfort - encouragement, lifts up
2) All true prophecy always agrees with the letter and the Spirit of scripture.
2 Timothy 3:16 “All scripture is given by inspiration of God.”
3) All true prophecy centers in Jesus Christ it, exalts and glorifies Him alone.
a) John 16:13-14 “But when he, the Spirit of truth, comes, he will guide you into all truth. He will not speak on his own; he will speak only what he hears, and he will tell you what is yet to come. He will bring glory to me by taking from what is mine and making it known to you.”
b) Revelation 19:10 “At this I fell at his feet to worship him. But he said to me, "Do not do it! I am a fellow servant with you and with your brothers who hold to the testimony of Jesus. Worship God! For the testimony of Jesus is the spirit of prophecy.”
4) True prophecy produces fruit in character and conduct that agrees with the fruit of the Holy Spirit.
a) Matthew 7:15-16 "Watch out for false prophets. They come to you in sheep's clothing, but
b) inwardly they are ferocious wolves. By their fruit you will recognize them. Do people pick
c) grapes from thorn bushes, or figs from thistles?”
d) Romans 14:17 “The kingdom of God is.... righteousness, peace and joy int eh Holy Spirit.”
i) Read the following scriptures: Ephesians 5:9; Galatians 5:22-23
5) If a prophetic revelation contains predications concerning the future, are these prediction
a) fulfilled? If not ,the revelation does not come from the Holy Spirit Deuteronomy
b) 18:20-22 OT prophets were stoned to death if the prophecy did not come to pass.
6) Even correct predictions are not proof, if the prophecy draws others away from obedience. Read Deuteronomy 13:1-5; Acts 8:9-11, 16:16-18
7) True prophecy given by the Holy Spirit produces liberty not bondage.
a) Romans 8:15 warns against the “spirit of bondage”
b) 1Corinthians 14:33 God is not the author of confusion
c) 2 Timothy 1:7 God has not given us a spirit of fear, but of power, of love and of sound mind.
d) Be discerning about “directive” prophecy of spiritual dictators: Matthew 23:8 “But you are not to be called 'Rabbi,' for you have only one Master and you are all brothers.”
8) True prophecy given by the Holy Spirit produces life, not death.
2 Corinthians 3:6 “He has made us competent as ministers of a new covenant—not of the
letter but of the Spirit; for the letter kills, but the Spirit gives life.”
9) True prophecy is attested by the Holy Spirit within each believer who hears it
1 John 2:27 “..The anointing you received from him remains in you, and you do not need
anyone to teach you. But as his anointing teaches you about all things and as that anointing
is real, not counterfeit—just as it has taught you, remain in him.”