TechFlame News: According to the Hong Kong Economic Times, the newly appointed President of the Hong Kong Institute of Certified Public Accountants, Luo Zhuojian, stated that guidelines are being developed to help the accounting industry and business community understand how to handle virtual assets in accounting. The first part of the guidelines, covering virtual currencies and stablecoins, has already been released. The yet-to-be-announced second part relates to the stablecoin audit requirements of the Hong Kong Monetary Authority (HKMA). The Institute is currently in discussions with the HKMA on this matter and expects to release it within six months. The third part of the virtual asset accounting guidelines aims to be launched as early as the end of the year, but it will only be introduced after further communication and consensus-building with regulators and the industry.