Drawing on XBRL data to report on Colombia’s top companies

Posted on July 29, 2022 by Editor

Colombia’s Superintendencia de Sociedades – or Supersociedades – the government entity that supervises commercial companies, has published its annual report on the country’s 1,000 largest companies, showing a healthy economic performance during 2021. It includes information on trends in company assets, liabilities, equity, operating income and profit and loss. Supersociedades seeks to provide useful information on Colombia’s business sector, and indeed we are always delighted to see XBRL data being used to provide relevant analyses for investors and other users.

The report draws on information reported according to the International Financial Reporting Standards (IFRS), both directly to Supersociedades itself and to other supervisory bodies such as financial watchdog Superfinanciera, and utilities supervisor Superservicios and private security supervisor Supervigilancia. All of these supervisors now require disclosures in XBRL, meaning that the majority of the most crucial financial data is being received in digital format, facilitating analysis and insight. Could a single unified filing system and set of taxonomies, perhaps also encompassing sustainability data, be next on the agenda? Colombia has made significant strides in digitisation in recent years, and we look forward to the next steps in this important transformation.

Read more here.

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