diff --git a/gcc/fortran/ChangeLog b/gcc/fortran/ChangeLog
index 3d8b8265ea40f4e23f85850168f45b69624c7a83..ac1eaf63bcf54773dd0254e99fef409bf2ecf9b8 100644
--- a/gcc/fortran/ChangeLog
+++ b/gcc/fortran/ChangeLog
@@ -1,3 +1,9 @@
+2008-10-12  Paul Thomas  <pault@gcc.gnu.org>
+
+	PR fortran/37787
+	* dependency.c (gfc_are_equivalenced_arrays): Look in symbol
+	namespace rather than current namespace, if it is available.
+
 2008-10-12  Steven G. Kargl  <kargls@comcast.net>
 
 	PR fortran/37792
diff --git a/gcc/fortran/dependency.c b/gcc/fortran/dependency.c
index e58c9aaa0e9ba77fbc3b5745dd0098b822fb4e62..05a3dccf1a97d9c74d5bcc19a220022a221f8bbb 100644
--- a/gcc/fortran/dependency.c
+++ b/gcc/fortran/dependency.c
@@ -547,10 +547,16 @@ gfc_are_equivalenced_arrays (gfc_expr *e1, gfc_expr *e2)
       || !e2->symtree->n.sym->attr.in_equivalence|| !e1->rank || !e2->rank)
     return 0;
 
+  if (e1->symtree->n.sym->ns
+	&& e1->symtree->n.sym->ns != gfc_current_ns)
+    l = e1->symtree->n.sym->ns->equiv_lists;
+  else
+    l = gfc_current_ns->equiv_lists;
+
   /* Go through the equiv_lists and return 1 if the variables
      e1 and e2 are members of the same group and satisfy the
      requirement on their relative offsets.  */
-  for (l = gfc_current_ns->equiv_lists; l; l = l->next)
+  for (; l; l = l->next)
     {
       fl1 = NULL;
       fl2 = NULL;
diff --git a/gcc/testsuite/ChangeLog b/gcc/testsuite/ChangeLog
index 92b1f53b6fcef5e92c29a59da7b914b83c9bcad0..81512ef1e693731a0414768d817d40e17304bc5c 100644
--- a/gcc/testsuite/ChangeLog
+++ b/gcc/testsuite/ChangeLog
@@ -1,3 +1,8 @@
+2008-10-12  Paul Thomas  <pault@gcc.gnu.org>
+
+	PR fortran/37787
+	* gfortran.dg/module_equivalence_5.f90: New test.
+
 2008-10-12  Steven G. Kargl  <kargls@comcast.net>
 
 	PR fortran/37792
diff --git a/gcc/testsuite/gfortran.dg/module_equivalence_5.f90 b/gcc/testsuite/gfortran.dg/module_equivalence_5.f90
new file mode 100644
index 0000000000000000000000000000000000000000..de1d5043d79e56967920a0d25b4333338bfffec5
--- /dev/null
+++ b/gcc/testsuite/gfortran.dg/module_equivalence_5.f90
@@ -0,0 +1,34 @@
+! { dg-do run }
+!
+! Fixes PR37787 where the EQUIVALENCE between QLA1 and QLA2 wasn't recognized
+! in the dependency checking because the compiler was looking in the wrong name
+! space.
+!
+! Contributed by Dick Hendrickson <dick.hendrickson@gmail.com>
+!
+module stuff
+  integer, parameter :: r4_kv = 4
+contains
+
+  SUBROUTINE CF0004
+!  COPYRIGHT 1999   SPACKMAN & HENDRICKSON, INC.
+    REAL(R4_KV), dimension (10) :: QLA1, QLA2, QLA3, &
+                                   QCA = (/(i, i= 1, 10)/)
+    EQUIVALENCE (QLA1, QLA2)
+    QLA1 = QCA
+    QLA3 = QCA
+    QLA3( 2:10:3) = QCA ( 1:5:2) + 1
+    QLA1( 2:10:3) = QLA2( 1:5:2) + 1  !failed because of dependency
+    if (any (qla1 .ne. qla3)) call abort
+  END SUBROUTINE
+end module
+
+program try_cf004
+  use stuff
+  nf1 = 1
+  nf2 = 2
+  call cf0004
+end
+
+! { dg-final { cleanup-modules "stuff" } }
+