Frequent flyer programme Emirates accounts for award credits as a separately identifiable component of the sales transaction in which they are granted. The consideration in respect of the initial sale is allocated to award credits based on their fair value and is accounted as a liability (deferred revenue) in the consolidated statement of financial position Estimation techniques are used to determine the fair value of mile credits and reflect the weighted average of number of factors, i e. fare per sector, flight upgrades and partner rewards. A rolling 12-month historical trend