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The Irish Government’s Housing for All plan is an ambitious document that seeks to address the challenges faced across the Irish housing sector. Jim Clery and and Carmel Logan explain the key goals of the plan and discuss how effective they will be. On 2 September 2021, the Government released its Housing for All plan – a comprehensive document that accepts the current challenges across the housing sector and sets out a roadmap for the transformation of Ireland’s housing system over the next 10 years. The plan is influenced by the overall objective that everyone in Ireland should have access to sustainable, good quality housing to purchase or rent at an affordable price in the right location. In total, Housing for All contains 213 actions under four pathways aimed at achieving the following objectives: Supporting homeownership and increasing affordability; Eradicating homelessness, increasing social housing delivery and supporting social inclusion; Increasing new housing supply; and Addressing vacancy and efficient use of existing stock. The breadth of these actions is noteworthy, encompassing areas across the whole sector from proposed changes to planning law and regulations to significantly increasing the role and responsibilities of local authorities, and tax measures aimed at improving affordability and incentivising housing supply. Moreover, all actions are set in a sustainable context and align with Ireland’s commitments under the climate change agenda. The ambitious scale of the plan will see a huge expansion of the State’s role in the Irish housing market. That is reflected in the investment the State has committed to its success – an average of €4 billion per annum to 2030. Importantly, the document has been prepared with a clear view of the need for collaboration, both across Government departments and between the public and private sectors, in achieving the objectives and resolving Ireland’s housing crisis. In addition, the plan acknowledges the need for the country’s housing market to meet demand across various tenures, including private rental accommodation as well as social, affordable, and private ownership housing. The implicit recognition that there is no ‘silver bullet’ to solving Ireland’s housing crisis – that different tenures require different models and that a holistic approach is required to overcome this challenge – is welcome. The publication of the Housing for All plan is, without doubt, a hugely significant first step in addressing the issues present in Ireland’s housing market. However, given the broad scope of the plan’s objectives and the ambitious targets it sets, it is understandable that specific detail regarding various aspects of the plan remains, at present, unclear. Jim Clery is Partner & Head of Real Estate at KPMG. Carmel Logan is Partner at KPMG.

Shyness can strike at any time, especially when you’re in a new situation with new people, such as at networking events. Jean Evans explains 12 ways you can overcome your shyness and make the most of any networking opportunity. Networking can be intimidating even for the most seasoned networkers. Some days you just aren’t feeling great, aren’t in the mood, but you’ve got a commitment or networking meeting to attend. It’s more daunting when in a face-to-face environment, but the anxiety stills exist for online networking, especially if you’re shy. Here are 12 ways to overcome that feeling of dread, fear, panic, and sheer overwhelm when you have a networking event to attend. 1. Find a wing-person Find someone to attend your first events with you as they’ll give you that moral support to get you going. Let them know that you feel a bit shy and ask if they can introduce you to some people to make networking easier. However, don’t make the mistake of sticking with just one person. Set yourself a target of speaking to two or three new people at an event. Be realistic with targets, but do set a goal for yourself so you have a metric to measure your success. 2. Arrive early Whether you are networking online or in person, arriving early is an easy strategy to implement. If you arrive and people are actively engaged in a group conversation, it will be tough to ‘break in’ and join them if you are shy. By arriving early, you can welcome people into the room, which will help break the ice for the other person. 3. Smile The best-dressed person in the room is always smiling. Smiling can put you at ease, relax your body language, and put the people arriving after you at ease too. 4. Ask questions For shy people, launching into a speech or sharing an opinion can seem daunting and intimidating. Instead, try asking questions when you are in the group. It shows that you are interested in other people. You are then in the position of listening to the answer, and listening is easier than talking – particularly for shy people or introverts. 5. Be authentic If you are shy or a shy introvert, do not try to be an extrovert. If you are trying to be someone you are not, you’ll end up completely depleted of energy and resources. 6. Be prepared Prepare yourself with some questions and talking points. Take the time to gauge the conversation and get your bearings before contributing. A contribution that doesn’t make sense can end the flow of a conversation, which isn’t how you want to be remembered. On the other hand, if you actively listen, people will drop crumbs you can use to work into conversations. If you are at a business networking event, have your elevator pitch ready. 7. Reframe your mindset You need to have a positive mindset regarding the outcome of the event or networking meeting you are attending. If you think it will be negative, this will come across in your body language, making this belief a reality. 8. Networking is everywhere People tend to associate networking with formal events, associations, referral meetings and conferences. However, your local book, rowing, cycling and football clubs are all sources for meeting people and engaging in informal networking. Furthermore, having an interest in common provides an instant ice-breaker. 9. Learn names Everyone loves the sound of their name. It’s a good idea to say a person’s name out loud, as it acts as a sense of acknowledgement and inclusion. The person feels noticed, and repetition will help you remember their name. This all adds to your social capital and will stand you in good stead. 10. Embrace your passion When nervous, answer a couple of questions: What do you do? Why do you do what you do? When answering, people often forget about nerves and remember what they are doing and who they are serving. 11. Follow up It’s essential to follow up with the people you meet to ensure that you are seen as credible and trustworthy. It helps build up the future of your relationship. 12. Host A great way to get over your nerves is to act as the host of the event. Welcome people, smile and ask them if they’d like a cup of tea or coffee to make them feel at ease. Be on alert for people who might be standing alone, who arrived late and are feeling a little out of place. If you are the person to break the ice and start a conversation, this will go so far in cementing a solid relationship. There are myriad ways to learn how to network when you are shy. Learning to network will help you confidently develop personal and business relationships, and all of this will help you survive and thrive in business. Jean Evans is a Networking Architect and Founder at NetworkMe.

Being a positive influence on your team doesn’t have to be complicated. Anna O’Flanagan outlines a few actions you can take today to boost your team’s morale while enhancing your own wellbeing. Are you a drain or a radiator on your team? If you identify more with the former, could you be ‘radiating’ more to boost the morale of those around you while also improving your own wellbeing? Giving back – whether by volunteering, helping a neighbour, or simply offering kind words with no expectations – are proven to enhance overall wellbeing. Fill the tank Think about the members of your team as having an emotional tank. When the tank is full, they feel ready and able to engage. However, when their tank has been bled dry due to a mixture of circumstances, they are bound to struggle with motivation and enthusiasm. We can’t change some of the external factors affecting us right now, but let’s focus on what we can influence. Try being a ‘radiator’ and see how it makes you and those around you feel. Here are a few ways to make that happen: Use your active listening skills and properly give colleagues your attention. Use affirming non-verbal communications like smiling and attentive body language when in the office and working over video calls. Give your colleagues honest and specific appreciation and praise. It needs to be genuine, consistent and spontaneous. Don’t wait for a one-to-one meeting – just pick up the phone or pop them an email as soon as you think of it. Provide recognition for work done well and the behaviours that got them there. Remember, work well done is not all about the result. So, even when the team has a perceived failure, acknowledge what they did well in an environment of learning, not blaming. Maybe you are doing these things already, or perhaps you usually do them but have fallen off the wagon a bit recently. It’s important to accept that you won’t always be able to radiate. But, when you can, why not go out there and be someone’s radiator today? It could make be the difference between a colleague struggling and managing. Anna O’Flanagan is Founder and Chief Squirrel at Red Squirrel Team Building.

By Fergal McManus, Account Manager, Ireland & Channel Islands at Confirmation, part of Thomson Reuters In July, the Irish Times published an article: “Irish auditors face increased pressure to detect fraud”. This increased pressure stems from the Irish Auditing and Accounting Supervisory Authority (IAASA), which had begun consulting on its exposure draft of ISA (Ireland) 240, defining the auditor's responsibilities relating to fraud in an audit of financial statements. The newspaper went on to report that “the IAASA is planning to put a greater onus on auditors to look for potential fraud in company accounts, following on from a series of financial scandals” in the UK. And in its recent publication, Developments in Audit 2020, the FRC reported that audit quality remains inconsistent, with 49 out of the 130 audits inspected in their 2019/20 inspection cycle requiring improvement. What is driving this inconsistent audit quality, and how can we achieve a healthier and more resilient audit market? The FRC’s own analysis echoed one of Sir Donald Brydon’s key findings, that auditors need to be more energetic in their investigations, providing “appropriate challenge to management, assessing critically information and explanations received for signs of over-optimism, judgmental bias or possible fraud”. The IAASA gave a clear indication of its intentions in its recent comment letter to the international regulator, asserting that the “difficulty in detecting material misstatements in the financial statements resulting from fraud does not reduce the auditor’s responsibility”. The revised ISA (Ireland) 240 sets out that responsibility very clearly. It insists that auditors interrogate management about their assessment of the risk of fraud, and it obliges auditors to maintain a questioning approach to their assignments – one of professional skepticism. This includes “being alert for conditions that indicate a record or document may not be authentic” and being aware that “collusion may cause the auditor to believe that audit evidence is persuasive when it is, in fact, false”. For example, can a confirmation from a particular third party be authenticated, and is it reliable as audit evidence? During the research for Confirmation’s recent white paper, Welcome to the new era of audit quality and efficiency, we discovered that the postal service is used by 30% of auditors and email by 28%. Such legacy practices, which are found within most audit firms, make it harder to obtain reliable evidence, and they have a negative impact on the quality of audits. In this context, it is essential that firms seek to benefit from the growing range of audit technologies. ISA (Ireland) 240 emphasises the value of using automated tools and techniques, such as advanced data analytics software which trawls for “unusual or unexpected relationships” that may indicate fraudulent misstatement. ISA (Ireland) 240 also recommends that audit engagement team members exchange ideas and working collaboratively to identify potential fraud. They are encouraged to develop specialised skills and knowledge (for example, in using the available technology effectively), design and perform suitable risk assessment procedures, and document their findings in detail. By publishing its revised version of ISA 240, the IAASA has followed the FRC in defining a practical and rigorous approach to fraud detection. This initiative is a vital means of raising audit quality and improving the reputation of the audit profession, one that auditors in Ireland and internationally should be eager to adopt. Confirmation, part of Thomson Reuters, pioneered the idea of digital confirmations in 2000 and still leads the industry today. More than 16,000 audit firms, 4,000 banks and departments, and 5,000 law firms have put our platform to work. We span 170 countries and process more than one trillion dollars in confirmations each year. (This article is sponsored by Confirmation.)

In Irish tax developments, Revenue released an updated guide to CAT compliance interventions, and we set out a roundup of key information on COVID-19 support schemes. On the UK front, a date for the autumn budget has been announced and more information is available on the new health and social care levy. While in international news, the OECD updated its database on statutory tax rates in OECD countries.     Ireland Revenue redrafted and restructured the Tax and Duty Manual - Guide to Capital Acquisitions Tax Compliance Interventions. Read important information on Covid support schemes. UK       A date has been announced for the next budget and read more about the increase in national insurance contributions from next April. The latest news on HMRC administered COVID-19 supports is available. International The OECD updated its Tax Database Key Tax Indicators, providing updated comparative information on a range of statutory tax rates in OECD countries. Keep up to date with all the latest Irish, UK, and international tax developments through Chartered Accountants Ireland’s Tax Newsletter. Subscribe to the Tax Newsletter by updating your preferences in MyAccount. 

In developments this week, the Institute has issued Technical Alert TA 03/2021 to highlight to members the key new requirements of the ISAs applicable in Ireland and to add some clarification; the International Federation of Accountants (IFAC) has published a framework for implementing global sustainability standards at the local level, focusing on the building blocks approach published in May 2021. Read more on these and other developments that may be of interest to members below. Auditing The Financial Reporting Council (FRC) has published a letter providing feedback on the actuarial aspects of insurance entity audits.  The feedback is based on recent AQR reviews across various audit firms.  Guidance on revised ISAs Revised International Standards on Auditing (ISAs) (Ireland) were issued in November 2020 by IAASA and are effective for audits of financial statements for periods beginning on or after 15 July 2021, with early adoption permitted. We have issued Technical Alert TA 03/2021 to highlight to members the key new requirements of the ISAs applicable in Ireland and to add some clarification. ICAS The Institute of Chartered Accountants of Scotland (‘ICAS’) has applied to IAASA to have its recognition revoked in December 2021. If ICAS’ recognition were to be revoked, it would mean that ICAS would no longer be able to approve statutory auditors in Ireland. It also means that ICAS members in Ireland would no longer be regulated by IAASA.  Sustainability The International Federation of Accountants (IFAC) has published a framework for implementing global sustainability standards at the local level, focusing on the building blocks approach published in May 2021 Other Areas of interest Many small and medium sized enterprises (SMEs) in Europe are technology innovators or have taken major steps towards digitalisation. Accountancy Europe have just issued a paper setting out how professional accountants help with this digitalisation. The International Valuation Standards Council (IVSC) has published a per­spec­tives paper 'Time to get Tangible about In­tan­gi­ble Assets' that notes that despite the im­por­tance of in­tan­gi­ble assets to the capital markets, only a small per­cent­age are recog­nised on balance sheets.  For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website. 

In March 2021, the Finance Minister Conor Murphy announced the establishment of an independent Fiscal Commission to conduct an examination of the fiscal powers of the Northern Ireland Assembly. Take our survey seeking the views of our members on possible tax measures which could be used by the Northern Ireland Assembly.   These survey responses will inform both our representations to the Fiscal Commission in the course of its work and wider Institute work in the context of the increase to the rate of corporation tax from April 2023. We would therefore encourage you to provide explanations of your responses. The survey should take no more than seven minutes to complete. Chartered Accountants Ireland previously wrote to the Fiscal Commission to offer its expertise and guidance and will be meeting with the Commission later this month. The Institute is also uniquely positioned to draw on its experiences of how a tax system is administered in a small open economy such as Ireland. Part of the Commission’s remit is also to examine if a reduction in the rate of corporation tax in Northern Ireland can be implemented. Although legislation has received Royal Assent in the form of the Corporation Tax (Northern Ireland) Act 2015, this legislation is subject to a “switching on” mechanism which requires the NI Executive to “take all the actions necessary to demonstrate that its finances are on a sustainable footing for the long term”. The Scottish Government is currently consulting on its overall approach to devolved tax policy, and how devolved and local tax powers should be used as part of the Scottish Budget 2022/23. Responses are invited by 26 October 2021.

  In this week’s Public Policy bulletin read about a Cabinet update on expenditure management and spending strategy ahead of Ireland's Budget 2022, the publication of revised guidance for the Irish public sector on green public procurement, a launch date for the Northern Ireland High Street scheme to stimulate the economy, and the flagship initiatives announced in the State of the European Union Address. Expenditure management and spending strategy for Budget 2022 The Minister for Public Expenditure and Reform, Michael McGrath TD, this week updated Cabinet on expenditure management and spending strategy for Budget 2022. Expenditure figures from the end of August show overall State spending was €53.4 billion  which is 2.6 percent higher than expenditure for the same period in 2020. Capital spending in the period to the end of August amounts to 36 percent of the capital expenditure allocation for the year, and the Budget Estimates for 2022 will include a €4.2 billion increase in core expenditure, comprising €3.1 billion in current expenditure and €1.1 billion in capital expenditure. Commenting, Minister McGrath pointed to the Government’s focus “on delivering in respect of the key commitment in the Programme for Government in the areas of Health, Housing and Climate Change, and other pressing challenges” and announced that by 2023, it is intended that Government borrowing would only be for capital investment purposes. Green Public Procurement the Public Sector – revised guidance The Environmental Protection Agency (EPA) has published its revised Green Public Procurement: Guidance for the Public Sector this week.  This guidance provides step-by-step instructions and criteria for implementing green public procurement in line with policy and legislation for use when procuring goods and services across the public sector. Originally published in 2014 the guidance has been substantially revised, to bring it up to date with Irish and EU policy and legislation. While the guidance is aimed primarily at those responsible for procurement in the public sector in central and local government, state agencies and other public bodies, it will also be of interest to the private sector when responding to tenders or applying green criteria in their own procurement. Launching the publication at the EPA’s Circular Economy Conference 2021, Minister of State Ossian Smyth, TD, commented that “This new guidance from the EPA will be of assistance to all public servants who find themselves procuring goods and services by providing practical support on how to include realistic and measurable green targets in their contracts with suppliers.” For more details visit the EPA’s website. Northern Ireland High Street Scheme The Northern Ireland High Street Scheme (HSS), previously covered in this bulletin, is to open for applications via an online portal from 27 September to 25 October. Under the scheme everyone aged 18 and over in Northern Ireland will be eligible for a pre-paid card worth £100 to spend on their local high street. The scheme is intended to provide a boost to the economy in the wake of the devastation of the coronavirus lockdowns. The cards will be issued in the week beginning 4 October and can until 30 November. More information on the scheme is available on the DfE website. State of the Union: European Commission proposes a Path to the Digital Decade to deliver the EU’s digital transformation by 2030 The European Commission is proposing a new concrete plan to achieve the digital transformation of European society and its economy by 2030. The ‘Path to the Digital Decade’ will translate the EUʼs digital ambitions for 2030 into a concrete delivery mechanism and plans include improvements in the areas of digital skills, digital infrastructures, digitalisation of businesses and public services.. The ambitions were announced on the day of the State of the Union 2021. Every year in September, the President of the European Commission delivers the ‘State of the Union’ address before the European Parliament, taking stock of the past year and presenting priorities for the year ahead. This week President Ursula von der Leyen delivered her second State of the Union address, and announced flagship initiatives, including: improving vaccination efforts in Europe and globally, and strengthening pandemic preparedness working with global partners to close the climate finance gap ensuring fairer working conditions and better healthcare, and creating more opportunities for Europe’s youth to benefit from the European social market economy stepping up cooperation on security and defence, and deepening EU’s partnership with closest allies defending European values and freedoms and protecting the rule of law. The full speech can be accessed here.   You can find information, guidance and supports to help members understand sustainability and meet the challenges it presents in our Sustainability Centre. Read all our updates on our Public Policy web centre  

This week the Institute responded to the UK government’s public consultation on engagement with business and civil society groups on implementation of the Trade and Cooperation Agreement. In the response we recommended that for the groups to be effective, suitable stakeholders must be identified, a clear Terms of Reference must be set out from the start, and detailed discussions are allowed to take place where views are enabled to influence policy. Read the response.

The UK announced this week (13 September) that it is delaying the implementation of some post-Brexit border controls which had been due to come into force at the start of October for goods entering the UK from the EU. The UK’s Brexit minister David Frost, in a written ministerial statement, said: “The Government initially announced a timetable for the introduction of the final stages of those controls on 11 March. The Government’s own preparations, in terms of systems, infrastructure and resourcing, remain on track to meet that timetable. However, the pandemic has had longer-lasting impacts on businesses, both in the UK and in the European Union, than many observers expected in March.” The following delays were announced: The requirement for pre-notification of agri-food imports will be introduced on 1 January 2022 as opposed to 1 October 2021. The new requirements for export health certificates, which were due to be introduced on 1 October 2021, will now be introduced on 1 July 2022. Phytosanitary certificates and physical checks on SPS goods at Border Control Posts, due to be introduced on 1 January 2022, will now be introduced on 1 July 2022. The requirement for safety and security declarations on imports will be introduced as of 1 July 2022 as opposed to 1 January 2022. The timetable for the removal of the current easements in relation to full customs controls and the introduction of customs checks remains unchanged from the planned 1 January 2022. Full guidance is expected on gov.uk at a later date.

This week’s bulletin examines the impact of the decision by the UK to delay import checks on goods coming from the EU.  We also share a copy of the Institute’s response to the UK government's consultation on engaging with business and civil society groups. We are also looking for information about your experience of using the Trader Support Service and we bring you news that the European Parliament has formally approved the €5 billion Brexit support fund. UK delays import checks on goods from EU The UK announced this week that it is delaying the implementation of some post-Brexit border controls which had been due to come into force at the start of October for goods entering the UK from the EU. The UK’s Brexit minister David Frost, in a written ministerial statement, said: “The Government initially announced a timetable for the introduction of the final stages of those controls on 11 March. The Government’s own preparations, in terms of systems, infrastructure and resourcing, remain on track to meet that timetable. However, the pandemic has had longer-lasting impacts on businesses, both in the UK and in the European Union, than many observers expected in March.” The following delays were announced: The requirement for pre-notification of agri-food imports will be introduced on 1 January 2022 as opposed to 1 October 2021. The new requirements for export health certificates, which were due to be introduced on 1 October 2021, will now be introduced on 1 July 2022. Phytosanitary certificates and physical checks on SPS goods at Border Control Posts, due to be introduced on 1 January 2022, will now be introduced on 1 July 2022. The requirement for safety and security declarations on imports will be introduced as of 1 July 2022 as opposed to 1 January 2022. The timetable for the removal of the current easements in relation to full customs controls and the introduction of customs checks remains unchanged from the planned 1 January 2022. Full guidance is expected on gov.uk at a later date. Survey: Trader Support Service The UK’s Trader Support Service (TSS) offers a free-to-use service to help move goods from Great Britain to Northern Ireland. The Institute would like to get your views on your experience of using the TSS and how the system is operating for your business.   We would be grateful for 2 minutes of your time to complete a short survey by clicking here. Institute responds to consultation on UK government engagement with business and civil society groups This week the Institute responded to the UK government’s public consultation on engagement with business and civil society groups on implementation of the Trade and Cooperation Agreement. In the response we recommended that for the groups to be effective, suitable stakeholders must be identified, a clear Terms of Reference must be set out from the start, and detailed discussions are allowed to take place where views are enabled to influence policy. Read the response. Revenue guidance for declaring special customs procedures in the Automated Import System Revenue’s eCustoms notification 47/2021 set outs the information that should be set out in a customs declaration when the importer has a full authorisation for Temporary Admission (TA) or Inward Processing (IP). Read the notification. European Parliament approves €5 billion Brexit Adjustment Reserve The European Parliament has formally approved the creation of an EU scheme to support businesses in EU Member States most affected by Brexit. MEPs overwhelmingly approved the €5 billion Brexit Adjustment Reserve fund with 695 for, 31 against and 11 abstentions. The first tranche of cash will be allocated at the end of this year.  Ireland will be the largest beneficiary of the scheme, with just over €1 billion allocated, followed by the Netherlands (€810 million), France (€670 million) and Germany (€590 million). The money will be used to support sectors most affected by Brexit, with initiatives aimed at creating employment. Read more    UK Cabinet reshuffle UK’s Prime Minister this week undertook a significant reshuffle of his Cabinet. Ann-Marie Trevelyan has been named as the UK’s International Trade Secretary, replacing Liz Truss, who takes up the post of Foreign Secretary. Former UK Cabinet Minister Penny Mordaunt has been appointed Trade Minister within the Department for International Trade.  Ms Mordaunt replaces Greg Hands, who has moved to the Department for Business, Energy and Industrial Strategy. David Frost maintains his position as Brexit Minister. Read more   For more updates visit www.charteredaccountants.ie/brexit

Join a Workshop: Accounting for net zero Fri 1, Oct 3:00 pm - 4:05 pm (Europe/London) When it comes to net zero, there is often confusion surrounding the key role that accountants have to play in progressing sustainability schemes and how they are intrinsic in implementing change. While carbon neutrality is becoming the most attractive business option, there are not enough offsetting projects to offset the GHGs (Green House Gas emissions) that we generate. With the finance professionals holding the purse strings, it is becoming increasingly clear that they are best placed to influence ESG agendas, drive sustainability and find avenues to reduce emissions. It is time for you to step up, push the boundaries and do things differently. In this practical and interactive session, we sit down with 4 business leaders and finance professionals, who are driving climate action in their organisation. You will learn from those who have already carved the path that you want to take, understand the dos and don’ts, and come away with practical insight, giving you the tools to help your business’ net zero agenda. The conversation will focus on how leaders in business and finance are positioned to initiate conversations about Net Zero within the companies they operate and oversee the implementation of climate related disclosures to maximise positive impact. Speakers Graeme Gibson, Finance Director, Edinburgh Airport Amir Dossal, Founder and President, Global Partnerships Forum Stephen Prendiville, Head of Sustainability, EY Ireland Yetunde Fadeyi, Founder, Vectar Energy                                             Details and registration here.