The IFERROR function gives you some control over how spreadsheet errors are handled and displayed. This can be particularly useful for spreadsheets that typically have multiple users other than the primary person authoring the spreadsheet.

The types of errors caught by this function include #N/A, #VALUE!, #REF!, #DIV/0!, #NUM!, #NAME?, or #NULL!

IFERROR takes 2 required arguments and no optional arguments:

Syntax: IFERROR(value, value_if_error)

#1)
Using the IFERROR function:
#2)
The arguments for the IFERROR function are:
Argument Required? Description
value Required The argument that is checked for an error.
value_if_error Required The value to return if the value formula evaluates to an error. The following error types are evaluated: #N/A, #VALUE!, #REF!, #DIV/0!, #NUM!, #NAME?, or #NULL!.

Summary

The IFERROR function returns a value you specify if a formula evaluates to an error; otherwise, it returns the result of the formula.
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