diff --git a/docs/devel/reset.rst b/docs/devel/reset.rst
index abea1102dc..7cc6a6b314 100644
--- a/docs/devel/reset.rst
+++ b/docs/devel/reset.rst
@@ -210,9 +210,11 @@ Polling the reset state
 Resettable interface provides the ``resettable_is_in_reset()`` function.
 This function returns true if the object parameter is currently under reset.
 
-An object is under reset from the beginning of the *init* phase to the end of
-the *exit* phase. During all three phases, the function will return that the
-object is in reset.
+An object is under reset from the beginning of the *enter* phase (before
+either its children or its own enter method is called) to the *exit*
+phase. During *enter* and *hold* phase only, the function will return that the
+object is in reset. The state is changed after the *exit* is propagated to
+its children and just before calling the object's own *exit* method.
 
 This function may be used if the object behavior has to be adapted
 while in reset state. For example if a device has an irq input,
diff --git a/hw/core/resettable.c b/hw/core/resettable.c
index 96a99ce39e..c3df75c6ba 100644
--- a/hw/core/resettable.c
+++ b/hw/core/resettable.c
@@ -201,12 +201,11 @@ static void resettable_phase_exit(Object *obj, void *opaque, ResetType type)
     resettable_child_foreach(rc, obj, resettable_phase_exit, NULL, type);
 
     assert(s->count > 0);
-    if (s->count == 1) {
+    if (--s->count == 0) {
         trace_resettable_phase_exit_exec(obj, obj_typename, !!rc->phases.exit);
         if (rc->phases.exit && !resettable_get_tr_func(rc, obj)) {
             rc->phases.exit(obj);
         }
-        s->count = 0;
     }
     s->exit_phase_in_progress = false;
     trace_resettable_phase_exit_end(obj, obj_typename, s->count);