Index: django/template/defaulttags.py
===================================================================
--- django/template/defaulttags.py	(revision 7054)
+++ django/template/defaulttags.py	(working copy)
@@ -188,8 +188,8 @@
             return ''
 
 class IfEqualNode(Node):
-    def __init__(self, var1, var2, nodelist_true, nodelist_false, negate):
-        self.var1, self.var2 = Variable(var1), Variable(var2)
+    def __init__(self, val1, val2, nodelist_true, nodelist_false, negate):
+        self.val1, self.val2 = val1, val2
         self.nodelist_true, self.nodelist_false = nodelist_true, nodelist_false
         self.negate = negate
 
@@ -197,14 +197,7 @@
         return "<IfEqualNode>"
 
     def render(self, context):
-        try:
-            val1 = self.var1.resolve(context)
-        except VariableDoesNotExist:
-            val1 = None
-        try:
-            val2 = self.var2.resolve(context)
-        except VariableDoesNotExist:
-            val2 = None
+        val1, val2 = (self.val1.resolve(context, True), self.val2.resolve(context, True))
         if (self.negate and val1 != val2) or (not self.negate and val1 == val2):
             return self.nodelist_true.render(context)
         return self.nodelist_false.render(context)
@@ -640,6 +633,8 @@
     if len(bits) != 3:
         raise TemplateSyntaxError, "%r takes two arguments" % bits[0]
     end_tag = 'end' + bits[0]
+    val1 = parser.compile_filter(bits[1])
+    val2 = parser.compile_filter(bits[2])
     nodelist_true = parser.parse(('else', end_tag))
     token = parser.next_token()
     if token.contents == 'else':
@@ -647,7 +642,7 @@
         parser.delete_first_token()
     else:
         nodelist_false = NodeList()
-    return IfEqualNode(bits[1], bits[2], nodelist_true, nodelist_false, negate)
+    return IfEqualNode(val1, val2, nodelist_true, nodelist_false, negate)
 
 #@register.tag
 def ifequal(parser, token):