The International Financial Reporting Interpretations Committee (IFRIC) released IFRIC D20 “Customer Loyalty Programmes”.  
 
The Institute’s preliminary analysis of IFRIC D20 supports the proposal that ‘award credits’ resulting from customer loyalty programmes such as points or air miles, be accounted for as a component of the particular sale at fair value. This calculated fair value would then be accounted for as deferred revenue to the period/s in which it is expected that the entity will discharge the ‘award credits’ (ie award credits are redeemed or where a third party assumes the obligation). 
 
The Institute's final submission to the IASB can be downloaded from here (pdf, 32kb).