It is my understanding that it's just a different term that's used.  You handle them the same way in the financial statements (restate the financial statements if the prior year(s) is(are) presented; otherwise restate beginning retained earnings)

sdsusan wrote: I am confused about retrospective application(for change in accounting principle) and retroactive restatement(correction of errors). Do they actually refer to the same thing, except for the wording and application for different event?

A very good question.  No, actually it doesn't.  Retrospective application means you'd apply A of I.D.E.A. in Owner Equity section when there is no comparative F/S presented.  However, when you have comparative F/S presented you'd need to make corrections to the prior F/S itself (not the current owner equity section), hence the retroactive restatement to the F/S itself. 

I hope the above help.