The Senate of the Philippines is considering a bill, known as the Philippine Accountancy Act of 2003, that would require the Professional Regulatory Board of Accountancy and the Professional Regulation Commission to adopt the International Accounting Standards (IAS) and the International Standards on Auditing (ISA) issued or adopted by the International Federation of Accountants (IFAC) as the Philippine accounting and auditing standards with full implementation effective January, 2005. For this purpose, an accounting standard council and auditing standard practices council shall be organised to determine implementation guidelines and interpretations on the applications of the IAS and ISA subject to the approval of the Professional Regulatory Board of Accountancy and the Professional Regulation Commission.