Final answer:
The term 'subsequent events' refers to events that occur after a company's balance sheet date but before the financial statements are issued or filed. Filers, such as public companies, must consider subsequent events up until the financial statements are filed, whereas non-filers may conclude the evaluation when the statements are available to be issued.
Step-by-step explanation:
The question concerns the concept of subsequent events in accounting and financial reporting. Subsequent events are significant events that occur between a company's balance sheet date and the date when the financial statements are issued. For a filer, such as a publicly-traded company, the evaluation period for subsequent events is strictly regulated and continues until the financial statements are actually filed with the Securities and Exchange Commission (SEC). In contrast, for a non-filer, which might be a private company, the evaluation period typically ends when the financial statements are available to be issued.
For filers, auditors must review subsequent events up to the date of filing and disclose material events that provide additional evidence about conditions that existed at the balance sheet date, along with events that provide evidence about conditions that arose after the balance sheet date. For non-filers, the evaluation period may be shorter, since there is no official filing date but rather a date the statements are available to be issued.