Attempting faithful transformation: tracing the construction of the IFRS Taxonomy

Purpose – We examine how the IFRS Taxonomy, a classification of the International Financial Reporting Standards (IFRS) disclosure requirements, is attempting to gain legitimacy. To achieve this, we examine the strategies and mechanisms that have been adopted to fabricate the IFRS Taxonomy.
Design/methodology/approach – Using a qualitative approach we mobilise the well-known ANT concepts of circulating reference and translation to show how trials of strength among various actors have generated conflicting pressures to both widen and narrow the gap between the IFRS and the IFRS Taxonomy.
Findings – We find that conflicting pressures are shaping the ability of the IFRS Taxonomy to become a circulating reference of IFRS, that is, to make allies and shape the manner and the extent to which actors perceive the role of the IFRS Taxonomy as a faithful and authentic representation of the IFRS.
Originality/value – We contribute by improving current understanding of how the IFRS Taxonomy is being constructed and of the possible implications for its adoption. By showing how the IFRS Taxonomy can become relevant we also contribute to the broader accounting standard-making literature by showing how and why standards emerge.