With the recent issuance of two exposure drafts by the Philippine Accounting Standards Council, every existing International Accounting Standard (IAS) has now either been adopted virtually word for word or proposed for adoption in the Philippines. The last two exposure drafts are the equivalents of IAS 30 Disclosures in Financial Statements of Banks and Similar Institution and IAS 41 Agriculture.

In addition to these two, the Philippine exposure drafts of the following standards have not yet been issued as final Statements of Financial Accounting Standards: IAS 12 Income Taxes, IAS 19 Employee Benefits, IAS 26 Accounting and Reporting by Defined Benefit Plans, IAS 29 Financial Reporting in Hyperinflationary Economies, IAS 32 Financial Instruments: Disclosure and Presentation and IAS 39 Financial Instruments: Recognition and Measurement and IAS 40 Investment Property.