Colombia’s Transition from STORM to XBRL: A Step Towards Smarter Financial Reporting

As of 2025, XBRL (eXtensible Business Reporting Language) has been adopted by over 65 countries, encompassing nearly 220 diverse reporting implementations worldwide.  

This widespread adoption shows a global shift towards standardized, machine-readable financial reporting, enhancing transparency and efficiency in financial markets. 

In alignment with this global trend, Colombia has embarked on a significant transformation in its financial reporting framework. At the XI Encuentro Contable & Tributario on 29 January 2025, the country’s Superintendence of Companies (Supersociedades) announced the retirement of the STORM system in favor of adopting XBRL as the new standard for corporate reporting. This strategic move from STORM to XBRL positions Colombia alongside other nations committed to modernizing financial disclosures and ensuring high-quality, comparable data. 

STORM (Sistema de Transferencia de Objetos y Registros Mercantiles) was Colombia’s official framework for corporate financial reporting and regulatory filings, overseen by Supersociedades. Introduced in 2010, STORM aimed to streamline financial disclosures, allowing businesses to submit their annual financial statements, tax reports, and corporate data digitally. The system sought to improve regulatory efficiency and facilitate compliance with national accounting standards. 

However, despite its structured approach, STORM had significant limitations. It primarily relied on static document formats, such as PDFs and Excel files, which restricted data accessibility, machine-readability, and automated analysis. As global financial reporting standards evolved towards structured, digital formats like XBRL, STORM’s drawbacks became evident. The system struggled with scalability, data validation inconsistencies, and integration challenges, making it less effective for modern regulatory oversight. These shortcomings prompted Supersociedades’ decision in 2025 to transition from STORM to XBRL, aligning Colombia with international best practices in financial reporting. 

For years, STORM served as the foundation of financial reporting in Colombia, but with the growing demand for digitalization, transparency, and efficiency, Supersociedades saw the need for a more sophisticated and globally recognized reporting format.  

The transition from STORM to XBRL offers numerous advantages: 

• Standardized & Structured Data – XBRL ensures that financial and non-financial reports follow a structured format, making data easily comparable across companies and jurisdictions. 

• Machine-Readable & Automated Processing – Unlike traditional formats, XBRL enables automated data extraction, reducing manual intervention and minimizing errors. 

• Enhanced Regulatory Oversight – Regulators can analyze and monitor financial data more efficiently, improving governance and compliance enforcement. 

• Increased Transparency & Accessibility – Investors, analysts, and stakeholders can easily access, interpret, and compare financial reports, fostering a more transparent business environment. 

With this transition from STORM to XBRL, Colombia joins the ranks of countries like the U.S., the EU, India, and Brazil, which have successfully adopted XBRL for financial and regulatory reporting. 

Recognizing that a shift of this magnitude requires support, Supersociedades has announced training programs to help businesses and professionals adapt. These initiatives will be critical in ensuring a smooth transition, minimizing disruptions, and enabling enterprises to leverage the full potential of XBRL. 

As businesses prepare for this change, the focus will be on adopting robust XBRL reporting solutions that simplify compliance and data management. This is where innovative technology providers like IRIS Business Services Limited come into play. 

IRIS Business Services Limited is a global leader in RegTech and compliance solutions, with a strong reputation for driving XBRL standardization and harmonization in financial reporting. As a pioneer in the structured data ecosystem, IRIS has worked with regulatory bodies, financial institutions, enterprises, business registries, and stock exchanges worldwide, helping them transition to digital-first, machine-readable reporting systems. 

With over 20 years of expertise in XBRL implementation, IRIS has played a crucial role in shaping global reporting standards and developing taxonomies for regulators across multiple jurisdictions.  

To facilitate seamless XBRL adoption, IRIS offers state-of-the-art solutions tailored for regulatory bodies, business registries, enterprises, and financial institutions. 

1. IRIS iFILE® – A Comprehensive XBRL Regulatory Filing Platform

IRIS iFILE® is a powerful regulatory filing system designed for regulatory authorities like Supersociedades. The platform enables: 

• Seamless submission and validation of XBRL reports 

• Automated taxonomy updates to ensure compliance with evolving regulations 

• Real-time analytics and data quality checks to enhance oversight 

• Integration with AI-powered tools for anomaly detection and risk assessment 

For Supersociedades, adopting iFILE could significantly enhance efficiency, accuracy, and data-driven decision-making. 

2. IRIS iDEAL® – The Ultimate XBRL Reporting Solution for Enterprises

IRIS iDEAL® is a cutting-edge XBRL reporting and compliance solution for enterprises, financial institutions, and corporate filers. Key features include: 

• Automated XBRL tagging and validation to reduce errors 

• Streamlined workflow for report preparation and submission 

• Integration with ERP and financial systems for smooth data management 

• Advanced analytics and visualization tools to drive business intelligence 

As Colombian businesses transition from STORM to XBRL, iDEAL provides a user-friendly and scalable solution to simplify compliance and enhance financial reporting capabilities. 

Colombia’s transition to XBRL is not just about compliance—it’s about embracing data-driven regulation. Supersociedades has also indicated its interest in leveraging Artificial Intelligence (AI) for regulatory supervision. With structured XBRL data, AI-driven analytics can: 

• Detect risks and anomalies faster 

• Enhance fraud detection 

• Improve decision-making for policymakers 

This aligns with the global shift towards data-centric regulatory oversight, where structured reporting serves as the foundation for smarter governance. IRIS’s AI-powered solutions, integrated with XBRL, can support Supersociedades in harnessing the power of data analytics for enhanced oversight. 

With the retirement of STORM and the adoption of XBRL, Colombian companies must act swiftly to ensure compliance. Businesses should: 

1. Familiarize themselves with XBRL requirements and understand how it impacts their reporting processes. 
2. Leverage training programs provided by Supersociedades to upskill finance and compliance teams. 
3. Invest in the right XBRL solutions, such as IRIS iFILE® and iDEAL®, to simplify the transition and improve reporting accuracy. 
4. Stay updated on regulatory developments to ensure alignment with new reporting mandates. 

Colombia’s transition from STORM to XBRL marks a new era in financial and non-financial reporting. By adopting a globally recognized standard, the country is enhancing transparency, efficiency, and regulatory oversight. Businesses must embrace this change proactively, leveraging advanced XBRL solutions from trusted providers like IRIS to ensure seamless compliance and unlock the full potential of digital reporting. 

With structured data, AI-driven insights, and a commitment to regulatory excellence, Colombia is not just keeping up with the global reporting landscape—it’s setting the stage for a smarter, data-driven future.