Critical review of quality of financial reporting researches and information-uncertainty based theory of quality

Despite the substantial advancement in the quality of financial reporting (QFR) researches, the present survey puts forward some basic problems that cause some vagueness in QFR researches. Our evidences indicate the problems are rooted in the lake of a common appropriate definition and not sufficient concentration on the concepts of QFR and latent construct of the conventional QFR measures. Moreover, even the two theories of QFR, we think are significant and relatively inclusive, are faced with some limitations, ambiguities and criticisms. This paper, Refining the problematic presumptions underlied the QFR researches and shifting from the specific decision oriented to the information nature oriented approach, designs the information-uncrtainty based theory of QFR and introduces a new definition of QFR. In addition, the theory makes clear why former researches reach no single and consensus conclusion on what QFR is.