diff --git a/activerecord/CHANGELOG b/activerecord/CHANGELOG
index e57515fb11..dafcdbea52 100644
--- a/activerecord/CHANGELOG
+++ b/activerecord/CHANGELOG
@@ -1,5 +1,7 @@
 *SVN*
 
+* Recognize PostgreSQL NOW() default as equivalent to CURRENT_TIMESTAMP or CURRENT_DATE, depending on the column's type.  #2256 [mat <mat@absolight.fr>]
+
 * Extensive documentation for the abstract database adapter.  #2250 [François Beausoleil <fbeausoleil@ftml.net>]
 
 * Clean up Fixtures.reset_sequences for PostgreSQL.  Handle tables with no rows and models with custom primary keys.  #2174, #2183 [jay@jay.fm, Blair Zajac <blair@orcaware.com>]
diff --git a/activerecord/lib/active_record/connection_adapters/postgresql_adapter.rb b/activerecord/lib/active_record/connection_adapters/postgresql_adapter.rb
index 037f5f6869..cee3483e35 100644
--- a/activerecord/lib/active_record/connection_adapters/postgresql_adapter.rb
+++ b/activerecord/lib/active_record/connection_adapters/postgresql_adapter.rb
@@ -369,7 +369,7 @@ module ActiveRecord
           return value if value =~ /^[0-9]+(\.[0-9]*)?/
 
           # Date / Time magic values
-          return Time.now.to_s if value =~ /^\('now'::text\)::(date|timestamp)/
+          return Time.now.to_s if value =~ /^now\(\)|^\('now'::text\)::(date|timestamp)/i
 
           # Fixed dates / times
           return $1 if value =~ /^'(.+)'::(date|timestamp)/
diff --git a/activerecord/test/base_test.rb b/activerecord/test/base_test.rb
index 3e73915e30..50d1673361 100755
--- a/activerecord/test/base_test.rb
+++ b/activerecord/test/base_test.rb
@@ -438,18 +438,16 @@ class BasicsTest < Test::Unit::TestCase
     assert_nil topic.last_read
   end
 
-  def test_utc_as_time_zone
-    # Oracle does not have a TIME datatype.
-    if ActiveRecord::ConnectionAdapters.const_defined? :OracleAdapter
-      return true if ActiveRecord::Base.connection.instance_of?(ActiveRecord::ConnectionAdapters::OracleAdapter)
+  # Oracle does not have a TIME datatype.
+  unless 'OCI' == ActiveRecord::Base.connection.adapter_name
+    def test_utc_as_time_zone
+      Topic.default_timezone = :utc
+      attributes = { "bonus_time" => "5:42:00AM" }
+      topic = Topic.find(1)
+      topic.attributes = attributes
+      assert_equal Time.utc(2000, 1, 1, 5, 42, 0), topic.bonus_time
+      Topic.default_timezone = :local
     end
-
-    Topic.default_timezone = :utc
-    attributes = { "bonus_time" => "5:42:00AM" }
-    topic = Topic.find(1)
-    topic.attributes = attributes
-    assert_equal Time.utc(2000, 1, 1, 5, 42, 0), topic.bonus_time
-    Topic.default_timezone = :local
   end
 
   def test_default_values_on_empty_strings
@@ -682,14 +680,21 @@ class BasicsTest < Test::Unit::TestCase
     assert_equal 2147483647, company.rating
   end
 
-  def test_default
-    if Default.connection.class.name == 'ActiveRecord::ConnectionAdapters::PostgreSQLAdapter'
+  # TODO: extend defaults tests to other databases!
+  if 'PostgreSQL' == ActiveRecord::Base.connection.adapter_name
+    def test_default
       default = Default.new
   
-      # dates / timestamps
+      # CURRENT_TIMESTAMP and NOW() timestamps
       time_format = "%m/%d/%Y %H:%M"
-      assert_equal Time.now.strftime(time_format), default.modified_time.strftime(time_format)
-      assert_equal Date.today, default.modified_date
+      now = Time.now.strftime(time_format)
+      assert_equal now, default.modified_time.strftime(time_format)
+      assert_equal now, default.modified_time_function.strftime(time_format)
+
+      # CURRENT_DATE and NOW() dates
+      today = Date.today
+      assert_equal today, default.modified_date
+      assert_equal today, default.modified_date_function
   
       # fixed dates / times
       assert_equal Date.new(2004, 1, 1), default.fixed_date
diff --git a/activerecord/test/fixtures/db_definitions/postgresql.sql b/activerecord/test/fixtures/db_definitions/postgresql.sql
index 21ca82a4ab..c8cfcb779c 100644
--- a/activerecord/test/fixtures/db_definitions/postgresql.sql
+++ b/activerecord/test/fixtures/db_definitions/postgresql.sql
@@ -102,8 +102,10 @@ CREATE TABLE booleantests (
 CREATE TABLE defaults (
     id serial,
     modified_date date default CURRENT_DATE,
+    modified_date_function date default now(),
     fixed_date date default '2004-01-01',
     modified_time timestamp default CURRENT_TIMESTAMP,
+    modified_time_function timestamp default now(),
     fixed_time timestamp default '2004-01-01 00:00:00.000000-00',
     char1 char(1) default 'Y',
     char2 character varying(50) default 'a varchar field',