Index: third-party/Django-1.0.2-final+4102.3+2705/django/db/models/base.py
===================================================================
--- third-party/Django-1.0.2-final+4102.3+2705/django/db/models/base.py	(revision 3362)
+++ third-party/Django-1.0.2-final+4102.3+2705/django/db/models/base.py	(working copy)
@@ -358,7 +358,10 @@
         non_pks = [f for f in meta.local_fields if not f.primary_key]
         modified_attrs = self._modified_attrs
         non_pks = [f for f in non_pks if (f.name in modified_attrs or f.attname in modified_attrs)]
-        self._reset_modified_attrs()
+        
+        # Reset modified attribute accumulator after parent fields have been updated
+        if cls == self.__class__:
+            self._reset_modified_attrs()
 
         # First, try an UPDATE. If that doesn't update anything, do an INSERT.
         pk_val = self._get_pk_val(meta)