diff --git a/rest_framework/renderers.py b/rest_framework/renderers.py
index 1220bca10..a4ae717db 100644
--- a/rest_framework/renderers.py
+++ b/rest_framework/renderers.py
@@ -20,7 +20,7 @@ from rest_framework.utils import dict2xml
 from rest_framework.utils import encoders
 from rest_framework.utils.breadcrumbs import get_breadcrumbs
 from rest_framework import VERSION, status
-from rest_framework import serializers, parsers
+from rest_framework import parsers
 
 
 class BaseRenderer(object):
diff --git a/rest_framework/serializers.py b/rest_framework/serializers.py
index 1d93f7775..02377492c 100644
--- a/rest_framework/serializers.py
+++ b/rest_framework/serializers.py
@@ -160,6 +160,9 @@ class BaseSerializer(Field):
             for key in self.opts.exclude:
                 ret.pop(key, None)
 
+        for key, field in ret.items():
+            field.initialize(parent=self, field_name=key)
+
         return ret
 
     #####
@@ -174,13 +177,6 @@ class BaseSerializer(Field):
         if parent.opts.depth:
             self.opts.depth = parent.opts.depth - 1
 
-        # We need to call initialize here to ensure any nested
-        # serializers that will have already called initialize on their
-        # descendants get updated with *their* parent.
-        # We could be a bit more smart about this, but it'll do for now.
-        for key, field in self.fields.items():
-            field.initialize(parent=self, field_name=key)
-
     #####
     # Methods to convert or revert from objects <--> primitive representations.
 
diff --git a/rest_framework/tests/generics.py b/rest_framework/tests/generics.py
index a8279ef2b..14fa66f93 100644
--- a/rest_framework/tests/generics.py
+++ b/rest_framework/tests/generics.py
@@ -1,3 +1,4 @@
+from django.db import models
 from django.test import TestCase
 from django.test.client import RequestFactory
 from django.utils import simplejson as json
@@ -301,3 +302,36 @@ class TestCreateModelWithAutoNowAddField(TestCase):
         self.assertEquals(response.status_code, status.HTTP_201_CREATED)
         created = self.objects.get(id=1)
         self.assertEquals(created.content, 'foobar')
+
+
+# Test for particularly ugly reression with m2m in browseable API
+class ClassB(models.Model):
+    name = models.CharField(max_length=255)
+
+
+class ClassA(models.Model):
+    name = models.CharField(max_length=255)
+    childs = models.ManyToManyField(ClassB, blank=True, null=True)
+
+
+class ClassASerializer(serializers.ModelSerializer):
+    childs = serializers.ManyPrimaryKeyRelatedField(source='childs')
+
+    class Meta:
+        model = ClassA
+
+
+class ExampleView(generics.ListCreateAPIView):
+    serializer_class = ClassASerializer
+    model = ClassA
+
+
+class TestM2MBrowseableAPI(TestCase):
+    def test_m2m_in_browseable_api(self):
+        """
+        Test for particularly ugly reression with m2m in browseable API
+        """
+        request = factory.get('/', HTTP_ACCEPT='text/html')
+        view = ExampleView().as_view()
+        response = view(request).render()
+        self.assertEquals(response.status_code, status.HTTP_200_OK)