The research aims to carry out a comparative analysis of regulations governing the process of correcting accounting errors in the Russian Federation and in the People’s Republic of China based on certain comparison objects. During the research, the authors used the following methods: analysis, synthesis, deduction, induction, comparative legal method, tabular method, and graphical method. The originality and scientific novelty of the research lie in identifying objects for comparing accounting standards in terms of regulating the process of correcting errors in reporting and identifying similarities and differences between standards. As a result, the objects of comparison of accounting standards were identified and described; differences in accounting standards and differences for all objects of comparison were determined. The presence of differences indicates that a problem of incomparability of financial reporting data may arise due to the presence of differences in the procedure for correcting errors.