The luminosity distance is defined operationally by the bolometric relation for an isotropic source. It incorporates geometric spreading, reduced photon energy and dilated photon arrival times. If is the transverse comoving distance with the present scale factor included, then in a spacetime with an FLRW metric with photon number conserved.
Let be the emitted frequency. A narrow emitted band carries energy . At the observer the energy is smaller by , the time interval is , the frequency interval is , and the illuminated area is . Hence the spectral spectral flux density per unit observed frequency is
For the specified power law, , so the power-law spectral K correction is
There is no extra because is power per steradian. For total spectral luminosity , that factor would instead appear in the denominator. The frequency-band factor is essential: bolometric flux has two redshift-dimming factors, but spectral flux has one of them compensated by the bandwidth change.