Read the below statements carefully and determine whether the statements is True or False.

1. A holding of 10 per cent of ordinary voting shares in another company must be accounted for in accordance with MFRS 128 Investments in Associates and Joint Ventures.

2. Consolidated accounts must be prepared when a group comprises a parent company and an investee over which the parent has significant influence.

3. Consolidated financial statements are prepared from parent and subsidiary accounts prepared to the same reporting date. If this is not possible, the subsidiary's accounts may still be used for the consolidation, provided that the gap between the reporting dates is six months or more.

4. Unrealised exchange differences on the retranslation of monetary items in individual entity financial statements are recognised in profit or loss, not other comprehensive income.

5. The assets and liabilities shown in the foreign operation's statement of financial position are translated at the closing rate at the reporting date, regardless of the date on which those items originated.