Afiq Diamond Ltd is a jewellery company in Botswana. Historically Afiq Diamond purchased jewellery from a...

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Afiq Diamond Ltd is a jewellery company in Botswana. Historically Afiq Diamond purchased jewellery from a single mining company in Botswana. However, in December 2022, Afiq Diamond began to sell jewellery which had been purchased from a different mine, based in Europe. The first shipment of European jewellery was ordered on 5 January 2023, arrived on 10 February 2023, and the purchase invoice, for 160,000, was correctly translated and processed. No adjustments have subsequently been made to this figure. At the year end the invoice was unpaid and all the jewellery were unsold. The jewellery has been included in inventories in the draft financial statements using the spot rate at 31 December 2023. The spot exchange rates were as follows: 5 January 2023-1: P0.85 10 February 2023 - 1: P0.90 31 December 2023-1: P0.95 Required Explain the above issue's IFRS reporting treatment in Afiq Diamond's financial statements for the year ended 31 December 2023. Prepare all applicable calculations and journal entries to reflect the required changes? Afiq Diamond Ltd is a jewellery company in Botswana. Historically Afiq Diamond purchased jewellery from a single mining company in Botswana. However, in December 2022, Afiq Diamond began to sell jewellery which had been purchased from a different mine, based in Europe. The first shipment of European jewellery was ordered on 5 January 2023, arrived on 10 February 2023, and the purchase invoice, for 160,000, was correctly translated and processed. No adjustments have subsequently been made to this figure. At the year end the invoice was unpaid and all the jewellery were unsold. The jewellery has been included in inventories in the draft financial statements using the spot rate at 31 December 2023. The spot exchange rates were as follows: 5 January 2023-1: P0.85 10 February 2023 - 1: P0.90 31 December 2023-1: P0.95 Required Explain the above issue's IFRS reporting treatment in Afiq Diamond's financial statements for the year ended 31 December 2023. Prepare all applicable calculations and journal entries to reflect the required changes?