Spectacular Airlines Inc.

With increasing global convergence of accounting standards, SEC’s roadmap for transition to International Financial Reporting Standards (IFRSs), and the proposed inclusion of IFRS in the CPA examination, integration of IFRS materials in accounting curriculum is gaining increasing attention. The Spectacular Airlines case provides an opportunity for students to improve their understanding of the importance of accounting issues in the context of a business decision such as mergers and acquisitions (M&A), research the U.S. and international GAAP, apply it to a real-world context, and develop the ability to assess the effects of IFRS adoption on businesses and their financial statements.