Colombia bids farewell to STORM as XBRL takes the lead
At the XI Encuentro Contable & Tributario on 29 January, Colombia’s Superintendence of Companies (Supersociedades) announced a major shift in financial reporting: STORM is out, and XBRL is in. Soon, all corporate reports – both financial and non-financial – will need to be filed in XBRL format, bringing Colombia in line with international best practices. To support this transition, Supersociedades will provide training programmes to help businesses and professionals adapt to the new system.
This shift represents a significant leap forward in digital reporting. XBRL ensures structured, machine-readable data, improving accuracy, comparability, and regulatory oversight.
Moving away from the old STORM system will enhance transparency, making it easier for investors, regulators, and analysts to access and interpret key financial information.
In another forward-thinking move, Supersociedades is exploring AI for regulatory supervision. By leveraging AI-driven analysis, the regulator aims to detect risks more efficiently, identify financial irregularities faster, and strengthen corporate oversight. This signals a growing global trend: structured XBRL data isn’t just about compliance – it’s a foundation for smarter, data-driven analysis and regulation.
For businesses in Colombia, the message is clear: embrace XBRL and get ready for a more digital, intelligent future of reporting.
Find out more about these updates – and others from the conference – here.
