USA Non-Transactional Loyalty Points

[Haxel]

To my understanding under the interpretation of IFRS, the definition is that loyalty points granted as part of a sales transaction, its fair value will be counted as deferred revenue, and recognized as revenue at time of redemption.

What is the correct way to account for non-transactional loyalty points? Such as free loyalty points given away to selected customers as part of a marketing initiative. Would this be counted as deferred revenue then debit promotional expense, recognize revenue at time of redemption?

Loyalty points are redeemed for discounted products.

Thanks.