Foundation sacking bishop the way things stand (2,2)
I believe the answer is:
as is
'the way things stand' is the definition.
'foundation sacking bishop' is the wordplay.
'foundation' becomes 'basis' (synonyms).
'sacking' indicates named letters should be taken away.
'bishop' becomes 'B' (chess abbreviation).
'basis' with 'b' taken away is 'AS IS'.
(Other definitions for as is that I've seen before include "current state" , "In existing state" , "unaltered" , "unchanged" , "without change" .)