diff --git a/src/Makefile b/src/Makefile
index b1381e0d..491aa75d 100644
--- a/src/Makefile
+++ b/src/Makefile
@@ -162,7 +162,8 @@ XCFLAGS=
 #   make HOST_CC="gcc -m32" CROSS=i586-mingw32msvc- TARGET_SYS=Windows
 #   make HOST_CC="gcc -m32" CROSS=powerpc-linux-gnu-
 
-CCOPTIONS= $(CCDEBUG) $(CCOPT) $(CCWARN) $(XCFLAGS) $(CFLAGS)
+ASOPTIONS= $(CCOPT) $(CCWARN) $(XCFLAGS) $(CFLAGS)
+CCOPTIONS= $(CCDEBUG) $(ASOPTIONS)
 LDOPTIONS= $(CCDEBUG) $(LDFLAGS)
 
 HOST_CC= $(CC)
@@ -201,6 +202,7 @@ TARGET_XLDFLAGS=
 TARGET_XLIBS= -lm
 TARGET_TCFLAGS= $(CCOPTIONS) $(TARGET_XCFLAGS) $(TARGET_FLAGS) $(TARGET_CFLAGS)
 TARGET_ACFLAGS= $(CCOPTIONS) $(TARGET_XCFLAGS) $(TARGET_FLAGS) $(TARGET_CFLAGS)
+TARGET_ASFLAGS= $(ASOPTIONS) $(TARGET_XCFLAGS) $(TARGET_FLAGS) $(TARGET_CFLAGS)
 TARGET_ALDFLAGS= $(LDOPTIONS) $(TARGET_XLDFLAGS) $(TARGET_FLAGS) $(TARGET_LDFLAGS)
 TARGET_ASHLDFLAGS= $(LDOPTIONS) $(TARGET_XSHLDFLAGS) $(TARGET_FLAGS) $(TARGET_SHLDFLAGS)
 TARGET_ALIBS= $(TARGET_XLIBS) $(LIBS) $(TARGET_LIBS)
@@ -645,8 +647,8 @@ lj_folddef.h: $(BUILDVM_T) lj_opt_fold.c
 
 %.o: %.S
 	$(E) "ASM       $@"
-	$(Q)$(TARGET_DYNCC) $(TARGET_ACFLAGS) -c -o $(@:.o=_dyn.o) $<
-	$(Q)$(TARGET_CC) $(TARGET_ACFLAGS) -c -o $@ $<
+	$(Q)$(TARGET_DYNCC) $(TARGET_ASFLAGS) -c -o $(@:.o=_dyn.o) $<
+	$(Q)$(TARGET_CC) $(TARGET_ASFLAGS) -c -o $@ $<
 
 $(LUAJIT_O):
 	$(E) "CC        $@"