Financial crises have continually illustrated the powerful relationship between governmental shortcomings in financial reporting and fiscal risks. Fiscal openness and accountability are associated with a wide range of positive outcomes. The Emerging Markets Investors Alliance has created an issue brief on fiscal transparency. The objective of this brief is to provide emerging market investors with an overview of the benefits associated with fiscal openness. This brief examines the history of fiscal transparency, actionable recommendations for investors, and the International Budget Partnership’s Open Budget Index Rankings.