From STORM to XBRL: What Colombia’s Reporting Shift Means for Businesses
Colombia is embracing a significant transformation in corporate reporting. At the XI Encuentro Contable & Tributario on January 29, the Superintendence of Companies (Supersociedades) announced that the STORM system will be retired, and all financial and non-financial reports will now be filed in XBRL format. This move aligns Colombia with international best practices, ensuring greater transparency, accuracy, and regulatory oversight. While this transition represents a leap forward in digital reporting, it also presents a challenge for businesses that must now adapt to a more structured and data-driven compliance environment.
Beyond Compliance: Why XBRL Matters for Businesses
For many companies, regulatory changes are often seen as an added burden—one more compliance requirement to check off. However, the shift to XBRL isn’t just about meeting regulatory mandates; it’s about embracing a smarter approach to financial reporting. Unlike traditional formats, XBRL provides structured, machine-readable data that enhances data comparability, improves decision-making, and increases investor confidence. By adopting XBRL, businesses in Colombia are not only ensuring compliance but also unlocking opportunities for more efficient and insightful financial reporting.
The Challenge: Transitioning from STORM to XBRL
Moving away from the STORM system means companies must now familiarize themselves with XBRL taxonomies, tagging processes, and validation requirements. This shift requires significant effort, especially for businesses unfamiliar with digital reporting standards. While Supersociedades is providing training programs, the learning curve can be steep, and errors in XBRL reporting can lead to regulatory scrutiny. This is where expert-led XBRL conversion solutions become invaluable.
XBRL & The Future of Financial Supervision in Colombia
Supersociedades is also exploring AI-driven regulatory supervision, signaling a broader shift toward intelligent compliance. By leveraging AI, regulators can detect risks, identify financial irregularities, and strengthen corporate oversight more efficiently. This means structured, high-quality XBRL data will be more important than ever. Companies that adopt robust disclosure management solutions now will be better positioned to comply with future regulatory advancements.
Embracing a Digital-First Reporting Future
The transition to XBRL in Colombia is more than a regulatory shift—it’s an opportunity for businesses to modernize their financial reporting processes. Companies that proactively adopt XBRL conversion solutions will not only achieve compliance but also gain a competitive edge through enhanced data transparency and efficiency.
Supporting a Smooth Transition
As businesses in Colombia adjust to the new XBRL requirements, having the right expertise and tools will be essential. Ensuring accuracy in tagging, validation, and submission will help companies comply seamlessly with the new mandate. A structured approach to XBRL conversion will not only mitigate compliance risks but also improve overall financial reporting efficiency.
About DataTracks
With nearly two decades of experience in regulatory reporting, DataTracks has helped businesses across the globe navigate complex compliance requirements. Operating in over 25 countries, DataTracks specializes in XBRL conversion and structured reporting solutions, ensuring accuracy, compliance, and efficiency in financial disclosures.
Contact Us
To learn more about how DataTracks can support your transition to XBRL, reach out to us at enquiry@datatracks.com.