Actually, neither of those is quite correct. The first expression is subtly wrong; the second may be either subtly wrong in the same way, or completely wrong, depending on what you mean by "inertial force."
What Newton's second law in this form really means is that the net (total) force acting on an object at time $t$ is equal to the object's mass times the object's acceleration at that time. It does not apply to any one individual force, only to the net force. For this reason it is most properly written
$$\sum \vec{F} = m\vec{a}$$
with the summation symbol to indicate the sum over all forces.
There are some restrictions on the validity of this equation; in particular, as Pygmalion pointed out, it only works in an inertial frame of reference (or can be taken to define an inertial frame of reference, in Newtonian mechanics). Also, it only works for objects whose mass is constant, and whose velocity is small. (That last one is sort of debatable depending on which definition of force you use) The more general form of Newton's second law (and in fact the way it was originally written) is
$$\sum \vec{F} = \frac{\mathrm{d}\vec{p}}{\mathrm{d}t}$$
This applies for objects of varying mass and high velocity as well.