diff --git a/idea/src/META-INF/plugin.xml b/idea/src/META-INF/plugin.xml
index dfeb5885b21..857f5bb1d13 100644
--- a/idea/src/META-INF/plugin.xml
+++ b/idea/src/META-INF/plugin.xml
@@ -19,6 +19,11 @@
          <keyboard-shortcut keymap="$default" first-keystroke="control shift Q"/>
          <add-to-group group-id="CodeMenu" anchor="last"/>
      </action>
+     <action id="ToggleJetErrorReporting" class="org.jetbrains.jet.plugin.actions.ToggleErrorReportingAction"
+             text="Toggle Error Reporting">
+         <keyboard-shortcut keymap="$default" first-keystroke="control alt shift E"/>
+         <add-to-group group-id="CodeMenu" anchor="last"/>
+     </action>
   </actions>
 
   <extensions defaultExtensionNs="com.intellij">
diff --git a/idea/src/org/jetbrains/jet/lang/parsing/JetParsing.java b/idea/src/org/jetbrains/jet/lang/parsing/JetParsing.java
index 33069e536b2..ac23d35f30a 100644
--- a/idea/src/org/jetbrains/jet/lang/parsing/JetParsing.java
+++ b/idea/src/org/jetbrains/jet/lang/parsing/JetParsing.java
@@ -818,20 +818,35 @@ public class JetParsing extends AbstractJetParsing {
             parseTypeRef();
         }
 
-        if (at(EQ)) {
-            advance(); // EQ
-            myExpressionParsing.parseExpression();
-            if (!local) {
-                consumeIf(SEMICOLON);
-            } else {
+        if (local) {
+            if (at(EQ)) {
+                advance(); // EQ
+                myExpressionParsing.parseExpression();
                 // "val a = 1; b" must not be an infix call of b on "val ...;"
             }
         }
-        if (!local) {
+        else {
+            if (at(EQ)) {
+                advance(); // EQ
+                myExpressionParsing.parseExpression();
+                consumeIf(SEMICOLON);
+            }
+
             if (parsePropertyGetterOrSetter()) {
                 parsePropertyGetterOrSetter();
             }
-            consumeIf(SEMICOLON);
+            if  (!atSet(EOL_OR_SEMICOLON, RBRACE)) {
+                int i = -1;
+                while (-i < myBuilder.getCurrentOffset() && WHITE_SPACE_OR_COMMENT_BIT_SET.contains(myBuilder.rawLookup(i))) {
+                    i--;
+                }
+                if (myBuilder.rawLookup(i) != SEMICOLON) {
+                    errorUntil("Property getter or setter expected", TokenSet.create(EOL_OR_SEMICOLON));
+                }
+            }
+            else {
+                consumeIf(SEMICOLON);
+            }
         }
 
 
@@ -862,8 +877,15 @@ public class JetParsing extends AbstractJetParsing {
         advance(); // GET_KEYWORD or SET_KEYWORD
 
         if (!at(LPAR)) {
-            getterOrSetter.done(PROPERTY_ACCESSOR);
-            return true;
+            // Account for Jet-114 (val a : int get {...})
+            TokenSet ACCESSOR_FIRST_OR_PROPERTY_END = TokenSet.orSet(MODIFIER_KEYWORDS, TokenSet.create(LBRACKET, GET_KEYWORD, SET_KEYWORD, EOL_OR_SEMICOLON, RBRACE));
+            if (!atSet(ACCESSOR_FIRST_OR_PROPERTY_END)) {
+                errorUntil("Accessor body expected", TokenSet.orSet(ACCESSOR_FIRST_OR_PROPERTY_END, TokenSet.create(LBRACE, LPAR, EQ)));
+            }
+            else {
+                getterOrSetter.done(PROPERTY_ACCESSOR);
+                return true;
+            }
         }
 
         myBuilder.disableNewlines();
diff --git a/idea/src/org/jetbrains/jet/plugin/actions/ToggleErrorReportingAction.java b/idea/src/org/jetbrains/jet/plugin/actions/ToggleErrorReportingAction.java
new file mode 100644
index 00000000000..bb24e3cebc2
--- /dev/null
+++ b/idea/src/org/jetbrains/jet/plugin/actions/ToggleErrorReportingAction.java
@@ -0,0 +1,15 @@
+package org.jetbrains.jet.plugin.actions;
+
+import com.intellij.openapi.actionSystem.AnAction;
+import com.intellij.openapi.actionSystem.AnActionEvent;
+import org.jetbrains.jet.plugin.annotations.JetPsiChecker;
+
+/**
+ * @author yole
+ */
+public class ToggleErrorReportingAction extends AnAction {
+    @Override
+    public void actionPerformed(AnActionEvent e) {
+        JetPsiChecker.setErrorReportingEnabled(!JetPsiChecker.isErrorReportingEnabled());
+    }
+}
diff --git a/idea/src/org/jetbrains/jet/plugin/annotations/JetPsiChecker.java b/idea/src/org/jetbrains/jet/plugin/annotations/JetPsiChecker.java
index acffda1badf..ddeb88d09de 100644
--- a/idea/src/org/jetbrains/jet/plugin/annotations/JetPsiChecker.java
+++ b/idea/src/org/jetbrains/jet/plugin/annotations/JetPsiChecker.java
@@ -28,6 +28,16 @@ import java.util.Set;
  */
 public class JetPsiChecker implements Annotator {
 
+    private static volatile boolean errorReportingEnabled = true;
+
+    public static void setErrorReportingEnabled(boolean value) {
+        errorReportingEnabled = value;
+    }
+
+    public static boolean isErrorReportingEnabled() {
+        return errorReportingEnabled;
+    }
+
     @Override
     public void annotate(@NotNull PsiElement element, @NotNull final AnnotationHolder holder) {
         if (element instanceof JetFile) {
@@ -85,7 +95,9 @@ public class JetPsiChecker implements Annotator {
                     }
                 };
 
-                AnalyzingUtils.applyHandler(errorHandler, bindingContext);
+                if (errorReportingEnabled) {
+                    AnalyzingUtils.applyHandler(errorHandler, bindingContext);
+                }
 
                 highlightBackingFields(holder, file, bindingContext);
 
diff --git a/idea/testData/psi/PropertiesFollowedByInitializers.jet b/idea/testData/psi/PropertiesFollowedByInitializers.jet
new file mode 100644
index 00000000000..eaf68db97b6
--- /dev/null
+++ b/idea/testData/psi/PropertiesFollowedByInitializers.jet
@@ -0,0 +1,26 @@
+class Foo() {
+  val a : Int get = 1
+  var b : Int get() = 1; set
+  var b1 : Int get() = 1; set {1}
+  val b2 : Int get
+  {
+
+  }
+  val b3 : Int get {
+    return 1
+  }
+  val b4 : Int get; {
+  }
+
+  var b5 : Int get abstract set
+  var b6 : Int get [a] abstract set
+  var b7 : Int get [a] abstract {}
+}
+
+class PublicVar() { public var foo = 0; }
+class PublicVar() { public var foo = 0; var x : Int }
+class PublicVar() { public var foo = 0 }
+class PublicVar() { public var foo get set }
+class PublicVar() { public var foo get set }
+
+val now: Long get() = System.currentTimeMillis(); fun foo() = now
diff --git a/idea/testData/psi/Properties_ERR.txt b/idea/testData/psi/Properties_ERR.txt
index 12fd9ae5008..b99669b22db 100644
--- a/idea/testData/psi/Properties_ERR.txt
+++ b/idea/testData/psi/Properties_ERR.txt
@@ -5,21 +5,19 @@ JetFile: Properties_ERR.jet
       PsiWhiteSpace(' ')
       PsiErrorElement:Expecting property name or receiver type
         PsiElement(MINUS)('-')
-    PsiWhiteSpace(' ')
-    PsiErrorElement:Expecting namespace or top level declaration
-      PsiElement(LBRACE)('{')
-    PsiErrorElement:Expecting namespace or top level declaration
-      PsiElement(RBRACE)('}')
+      PsiWhiteSpace(' ')
+      PsiErrorElement:Property getter or setter expected
+        PsiElement(LBRACE)('{')
+        PsiElement(RBRACE)('}')
     PsiWhiteSpace('\n')
     PROPERTY
       PsiElement(var)('var')
       PsiWhiteSpace(' ')
       PsiElement(IDENTIFIER)('f')
-    PsiWhiteSpace(' ')
-    PsiErrorElement:Expecting namespace or top level declaration
-      PsiElement(LBRACE)('{')
-    PsiErrorElement:Expecting namespace or top level declaration
-      PsiElement(RBRACE)('}')
+      PsiWhiteSpace(' ')
+      PsiErrorElement:Property getter or setter expected
+        PsiElement(LBRACE)('{')
+        PsiElement(RBRACE)('}')
     PsiWhiteSpace('\n')
     PROPERTY
       PsiElement(var)('var')
@@ -70,8 +68,8 @@ JetFile: Properties_ERR.jet
             PsiElement(IDENTIFIER)('foo')
       PsiElement(DOT)('.')
       PsiElement(IDENTIFIER)('bar')
-    PsiErrorElement:Expecting namespace or top level declaration
-      PsiElement(DOT)('.')
+      PsiErrorElement:Property getter or setter expected
+        PsiElement(DOT)('.')
     PsiWhiteSpace('\n')
     PROPERTY
       PsiElement(val)('val')
@@ -167,13 +165,20 @@ JetFile: Properties_ERR.jet
       PsiWhiteSpace('\n   ')
       PROPERTY_ACCESSOR
         PsiElement(set)('set')
-    PsiErrorElement:Expecting namespace or top level declaration
-      PsiElement(RPAR)(')')
-    PsiWhiteSpace(' ')
-    PsiErrorElement:Expecting namespace or top level declaration
-      PsiElement(LBRACE)('{')
-    PsiErrorElement:Expecting namespace or top level declaration
-      PsiElement(RBRACE)('}')
+        PsiErrorElement:Accessor body expected
+          PsiElement(RPAR)(')')
+        PsiErrorElement:Expecting '('
+          <empty list>
+        PsiWhiteSpace(' ')
+        VALUE_PARAMETER_LIST
+          VALUE_PARAMETER
+            PsiErrorElement:Expecting parameter name
+              <empty list>
+        PsiErrorElement:Expecting ')'
+          <empty list>
+        BLOCK
+          PsiElement(LBRACE)('{')
+          PsiElement(RBRACE)('}')
     PsiWhiteSpace('\n   ')
     PsiErrorElement:Expecting namespace or top level declaration
       PsiElement(IDENTIFIER)('dfget')
@@ -266,16 +271,13 @@ JetFile: Properties_ERR.jet
             PsiElement(IDENTIFIER)('f')
       PsiElement(DOT)('.')
       PsiElement(IDENTIFIER)('d')
-    PsiErrorElement:Expecting namespace or top level declaration
-      PsiElement(DOT)('.')
-    PsiErrorElement:Expecting namespace or top level declaration
-      PsiElement(MINUS)('-')
-    PsiWhiteSpace(' ')
-    PsiErrorElement:Expecting namespace or top level declaration
-      PsiElement(EQ)('=')
-    PsiWhiteSpace(' ')
-    PsiErrorElement:Expecting namespace or top level declaration
-      PsiElement(IDENTIFIER)('f')
+      PsiErrorElement:Property getter or setter expected
+        PsiElement(DOT)('.')
+        PsiElement(MINUS)('-')
+        PsiWhiteSpace(' ')
+        PsiElement(EQ)('=')
+        PsiWhiteSpace(' ')
+        PsiElement(IDENTIFIER)('f')
     PsiWhiteSpace('\n\n')
     PROPERTY
       PsiElement(val)('val')