Colombian SFC Announces Test XBRL Filing Period
Financial Institution Reporting in Colombia – IFRS adoption in Latin America is tightly connected to the use of XBRL, in order to improve the accountability and transparency of business performance not just through consistent accounting standards but via open data exchange. The Superintendencia Financiera de Colombia, or SFC, has announced from Bogota, Colombia, that its new filing system for financial institutions that report under IFRS will be open for testing from 23 February through to 15 April. The initial filing rules will see the face financials as well as management comment provided to the regulator in XBRL format, with a number of additional notes being added in 2016. Read more about the SFC’s project here (In Spanish)
