The comprehensive measurement tool

The comprehensive measurement tool constructed, however, has several
limitations relating to validity and reliability. Consistent with the definition of quality of
financial reporting, i.e. decision usefulness (IASB, 2008), its validity should be
established by comparing our measured results to the decision usefulness of financial
reporting as perceived by stakeholders such as equity providers or lenders. In addition,
comparing the results of our comprehensive measurement tool with the results of other
quality assessment tools using the same sample may increase insight into the validity and
reliability of financial reporting quality assessment tools. Finally, the reader should bear
in mind that the study is based on a relatively small sample. Future research, using larger
samples, may provide additional insights into the external validity of our results. Such
insights may also help to create deeper understanding concerning the assessment of the
quality of financial reporting.