During the year ended 31 December 2019 the directors of Nami plc decided to change the company's accounting policy in respect of consumable stores, such as dyes and threads used in the manufacturing process. In the year ended 31 December 2018, and all years prior to that, Nami plc's stated accounting policy was to write off the costs of such consumable stores as incurred. The directors now wish to recognise consumable stores as inventory, on the grounds that this better matches purchases made to sales generated. As a result, the accountant included closing inventory of consumable stores of $22,600 in the draft financial statements for the year ended 31 December 2019, but made no other adjustments. It has been established that the equivalent figure at 31 December 2018 was $31,200, but it has not been possible to arrive at figures prior to that date.

Required: Explain the required IFRS financial reporting treatment of the issue above in the financial statements of the company. Show all relevant calculations and set out the required adjustments in the form of journal entries.