Question: In the country where IP has become a recognized asset class, what is the equivalent of the U.S. commission that appoints the members of the public company accounting oversight board?

In 2013 the United States Patent & Trademark Office approximated that the worth of intellectual property to the U.S. economy is more than US$5 trillion and creates employment for an estimated 18 million American people. In the UK, IP has become a recognised asset class for use in pension-led funding and other types of business finance. The value of intellectual property is considered similarly high in other developed nations, such as those in the European Union. However, in 2013, the UK Intellectual Property Office stated: "There are millions of intangible business assets whose value is either not being leveraged at all, or only being leveraged inadvertently". <SEP> Two Board members must be Certified Public Accountants. The PCAOB has five Board members, including a Chairman, each of whom is appointed by the SEC, after consultation with the Chairman of the Board of Governors of the Federal Reserve System and the Secretary of the Treasury. If the PCAOB Chairman is one of them, he or she may not have been a practicing CPA for at least five years prior to being appointed to the board. Each member serves full - time, for staggered five - year terms. The Board's budget, approved by the SEC each year, is funded by fees paid by the companies and broker - dealers who rely on the audit firms overseen by the Board. The organization has a staff of about 800 and offices in 11 states in addition to its headquarters in Washington. <SEP> There is no common name for securities commission or financial regulatory agency in each country. A number also have names based on Financial Authority, such as the Financial Services Authority of the UK or Financial Supervisory Authority (Sweden) or variations such as the Financial Services Agency (Japan). Naming has become more complicated as some governments have consolidated or merged organisations and given them a wider remit. They sometimes contain the term securities and commission. Such as the Securities and Exchange Commission of the US or Securities and Futures Commission (Hong Kong). <SEP> the financial accounting standards board (fasb) is a private, non-profit organization standard setting body whose primary purpose is to establish and improve generally accepted accounting principles (gaap) within the united states in the public's interest. the securities and exchange commission (sec) designated the fasb as the organization responsible for setting accounting standards for public companies in the u.s. the fasb replaced the american institute of certified public accountants' (aicpa) accounting principles board (apb) on july 1, 1973. <SEP> jin shanzhao and his men inform the japanese soldiers of ip's connection to the cotton mill. the japanese charge into the cotton mill and takes ip. ip tells chow to take his wife and son away for protection. miura tells ip that his life will be spared if he agrees to instruct the japanese soldiers in martial arts. ip refuses and challenges miura to a match, which miura accepts, both because of his love for martial arts and because refusing the challenge would be a humiliation to the japanese. the match between ip and miura is held in public in foshan's square. sato tells ip that his life will be spared if he lets the general win. at first, the two fighters seem equally matched, but ip's impeccable defense, relentless and direct blows allow him to eventually overwhelm miura, inflicting a severe beating on him.