diff --git a/CMakeLists.txt b/CMakeLists.txt
index c7e3699f7f1..3860d31bd33 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -1,6 +1,6 @@
 # Version set according the the cmake versions available in Ubuntu/Bionic:
-# https://packages.ubuntu.com/bionic/cmake
-cmake_minimum_required(VERSION 3.10.2)
+# https://packages.ubuntu.com/focal/cmake
+cmake_minimum_required(VERSION 3.16.3)
 
 # Needed for C++17 (std::variant)
 # TODO(https://github.com/WebAssembly/binaryen/issues/4299): We need
@@ -172,12 +172,12 @@ if(NOT EMSCRIPTEN)
   endif()
 endif()
 
-# Compiler setup.
+# Compiler setup. Use SYSTEM to avoid warnings and errors from third-party headers.
 
 include_directories(${CMAKE_CURRENT_SOURCE_DIR}/src)
-include_directories(${CMAKE_CURRENT_SOURCE_DIR}/third_party/FP16/include)
+include_directories(SYSTEM ${CMAKE_CURRENT_SOURCE_DIR}/third_party/FP16/include)
 if(BUILD_LLVM_DWARF)
-  include_directories(${CMAKE_CURRENT_SOURCE_DIR}/third_party/llvm-project/include)
+  include_directories(SYSTEM ${CMAKE_CURRENT_SOURCE_DIR}/third_party/llvm-project/include)
 endif()
 
 # Add output directory to include path so config.h can be found
@@ -400,10 +400,15 @@ if(UNIX AND CMAKE_GENERATOR STREQUAL "Ninja")
   endif()
 endif()
 
-# Static libraries
-# Current (partial) dependency structure is as follows:
-# tools -> passes -> wasm -> asmjs -> support
-# TODO: It's odd that wasm should depend on asmjs, maybe we should fix that.
+if(BUILD_STATIC_LIB)
+  message(STATUS "Building libbinaryen as statically linked library.")
+  add_library(binaryen STATIC)
+  add_definitions(-DBUILD_STATIC_LIBRARY)
+else()
+  message(STATUS "Building libbinaryen as shared library.")
+  add_library(binaryen SHARED)
+endif()
+
 add_subdirectory(src/ir)
 add_subdirectory(src/asmjs)
 add_subdirectory(src/cfg)
@@ -430,23 +435,6 @@ if(BUILD_TESTS)
   add_subdirectory(test/gtest)
 endif()
 
-# Object files
-set(binaryen_objs
-    $<TARGET_OBJECTS:passes>
-    $<TARGET_OBJECTS:wasm>
-    $<TARGET_OBJECTS:asmjs>
-    $<TARGET_OBJECTS:emscripten-optimizer>
-    $<TARGET_OBJECTS:ir>
-    $<TARGET_OBJECTS:cfg>
-    $<TARGET_OBJECTS:support>
-    $<TARGET_OBJECTS:analysis>
-    $<TARGET_OBJECTS:parser>
-    $<TARGET_OBJECTS:interpreter>)
-
-if(BUILD_LLVM_DWARF)
-  SET(binaryen_objs ${binaryen_objs} $<TARGET_OBJECTS:llvm_dwarf>)
-endif()
-
 # Sources.
 
 file(GLOB binaryen_HEADERS src/*.h)
@@ -454,15 +442,9 @@ set(binaryen_SOURCES
   src/binaryen-c.cpp
   ${binaryen_HEADERS}
 )
-if(BUILD_STATIC_LIB)
-  message(STATUS "Building libbinaryen as statically linked library.")
-  add_library(binaryen STATIC ${binaryen_SOURCES} ${binaryen_objs})
-  add_definitions(-DBUILD_STATIC_LIBRARY)
-else()
-  message(STATUS "Building libbinaryen as shared library.")
-  add_library(binaryen SHARED ${binaryen_SOURCES} ${binaryen_objs})
-endif()
+target_sources(binaryen PRIVATE ${binaryen_SOURCES})
 target_link_libraries(binaryen ${CMAKE_THREAD_LIBS_INIT})
+
 if(INSTALL_LIBS OR NOT BUILD_STATIC_LIB)
   install(TARGETS binaryen
     RUNTIME DESTINATION ${CMAKE_INSTALL_BINDIR}
@@ -483,7 +465,7 @@ if(EMSCRIPTEN)
   # binaryen.js WebAssembly variant
   add_executable(binaryen_wasm
                  ${binaryen_SOURCES})
-  target_link_libraries(binaryen_wasm wasm asmjs emscripten-optimizer passes ir cfg support analysis parser interpreter wasm)
+  target_link_libraries(binaryen_wasm binaryen)
   target_link_libraries(binaryen_wasm "-sFILESYSTEM")
   target_link_libraries(binaryen_wasm "-sEXPORT_NAME=Binaryen")
   target_link_libraries(binaryen_wasm "-sNODERAWFS=0")
@@ -513,7 +495,7 @@ if(EMSCRIPTEN)
   # binaryen.js JavaScript variant
   add_executable(binaryen_js
                  ${binaryen_SOURCES})
-  target_link_libraries(binaryen_js wasm asmjs emscripten-optimizer passes ir cfg support analysis parser interpreter wasm)
+  target_link_libraries(binaryen_js binaryen)
   target_link_libraries(binaryen_js "-sWASM=0")
   target_link_libraries(binaryen_js "-sWASM_ASYNC_COMPILATION=0")
   if(${CMAKE_CXX_COMPILER_VERSION} STREQUAL "6.0.1")
diff --git a/src/analysis/CMakeLists.txt b/src/analysis/CMakeLists.txt
index 313eec0d5d3..8b843db5373 100644
--- a/src/analysis/CMakeLists.txt
+++ b/src/analysis/CMakeLists.txt
@@ -3,4 +3,4 @@ set(analysis_SOURCES
   cfg.cpp
   ${analysis_HEADERS}
 )
-add_library(analysis OBJECT ${analysis_SOURCES})
+target_sources(binaryen PRIVATE ${analysis_SOURCES})
diff --git a/src/asmjs/CMakeLists.txt b/src/asmjs/CMakeLists.txt
index d677f1bfe81..9f80aa7d399 100644
--- a/src/asmjs/CMakeLists.txt
+++ b/src/asmjs/CMakeLists.txt
@@ -5,4 +5,4 @@ set(asmjs_SOURCES
   shared-constants.cpp
   ${asmjs_HEADERS}
 )
-add_library(asmjs OBJECT ${asmjs_SOURCES})
+target_sources(binaryen PRIVATE ${asmjs_SOURCES})
diff --git a/src/cfg/CMakeLists.txt b/src/cfg/CMakeLists.txt
index 71d77f0b03e..175d5fbb7b9 100644
--- a/src/cfg/CMakeLists.txt
+++ b/src/cfg/CMakeLists.txt
@@ -3,4 +3,4 @@ set(cfg_SOURCES
   Relooper.cpp
   ${cfg_HEADERS}
 )
-add_library(cfg OBJECT ${cfg_SOURCES})
+target_sources(binaryen PRIVATE ${cfg_SOURCES})
diff --git a/src/emscripten-optimizer/CMakeLists.txt b/src/emscripten-optimizer/CMakeLists.txt
index 391c1444f7a..127954248d7 100644
--- a/src/emscripten-optimizer/CMakeLists.txt
+++ b/src/emscripten-optimizer/CMakeLists.txt
@@ -5,4 +5,4 @@ set(emscripten-optimizer_SOURCES
   simple_ast.cpp
   ${emscripten-optimizer_HEADERS}
 )
-add_library(emscripten-optimizer OBJECT ${emscripten-optimizer_SOURCES})
+target_sources(binaryen PRIVATE ${emscripten-optimizer_SOURCES})
diff --git a/src/interpreter/CMakeLists.txt b/src/interpreter/CMakeLists.txt
index 170376476d5..dd0b038f650 100644
--- a/src/interpreter/CMakeLists.txt
+++ b/src/interpreter/CMakeLists.txt
@@ -4,4 +4,4 @@ set(interpreter_SOURCES
  interpreter.cpp
  ${interpreter_HEADERS}
 )
-add_library(interpreter OBJECT ${interpreter_SOURCES})
+target_sources(binaryen PRIVATE ${interpreter_SOURCES})
diff --git a/src/ir/CMakeLists.txt b/src/ir/CMakeLists.txt
index 45b08702de8..fa2ee1127d7 100644
--- a/src/ir/CMakeLists.txt
+++ b/src/ir/CMakeLists.txt
@@ -24,4 +24,4 @@ set(ir_SOURCES
   module-splitting.cpp
   ${ir_HEADERS}
 )
-add_library(ir OBJECT ${ir_SOURCES})
+target_sources(binaryen PRIVATE ${ir_SOURCES})
diff --git a/src/parser/CMakeLists.txt b/src/parser/CMakeLists.txt
index 045948ba1bb..8b7846ca9e9 100644
--- a/src/parser/CMakeLists.txt
+++ b/src/parser/CMakeLists.txt
@@ -12,4 +12,4 @@ set(parser_SOURCES
  wat-parser.cpp
  ${parser_HEADERS}
 )
-add_library(parser OBJECT ${parser_SOURCES})
+target_sources(binaryen PRIVATE ${parser_SOURCES})
diff --git a/src/passes/CMakeLists.txt b/src/passes/CMakeLists.txt
index ed816ba09d4..83a17d36608 100644
--- a/src/passes/CMakeLists.txt
+++ b/src/passes/CMakeLists.txt
@@ -144,4 +144,4 @@ if(EMSCRIPTEN)
   list(REMOVE_ITEM passes_SOURCES "hash-stringify-walker.cpp")
   list(REMOVE_ITEM passes_SOURCES "Outlining.cpp")
 endif()
-add_library(passes OBJECT ${passes_SOURCES})
+target_sources(binaryen PRIVATE ${passes_SOURCES})
diff --git a/src/support/CMakeLists.txt b/src/support/CMakeLists.txt
index 54ee7b206e4..5c793662e1c 100644
--- a/src/support/CMakeLists.txt
+++ b/src/support/CMakeLists.txt
@@ -22,12 +22,12 @@ set(support_SOURCES
 # suffix_tree_node source files no longer depend on LLVM code in the
 # third_party folder
 if(EMSCRIPTEN)
-  add_library(support OBJECT ${support_SOURCES})
+  target_sources(binaryen PRIVATE ${support_SOURCES})
 else()
   set(support_with_suffix_tree_SOURCES
     suffix_tree.cpp
     suffix_tree_node.cpp
     ${support_SOURCES}
   )
-  add_library(support OBJECT ${support_with_suffix_tree_SOURCES})
+  target_sources(binaryen PRIVATE ${support_with_suffix_tree_SOURCES})
 endif()
diff --git a/src/wasm/CMakeLists.txt b/src/wasm/CMakeLists.txt
index 64c88c99723..07e067c49b8 100644
--- a/src/wasm/CMakeLists.txt
+++ b/src/wasm/CMakeLists.txt
@@ -17,8 +17,4 @@ set(wasm_SOURCES
   wasm-validator.cpp
   ${wasm_HEADERS}
 )
-# wasm-debug.cpp includes LLVM header using std::iterator (deprecated in C++17)
-if (NOT MSVC)
-  set_source_files_properties(wasm-debug.cpp PROPERTIES COMPILE_FLAGS -Wno-deprecated-declarations)
-endif()
-add_library(wasm OBJECT ${wasm_SOURCES})
+target_sources(binaryen PRIVATE ${wasm_SOURCES})
diff --git a/third_party/llvm-project/CMakeLists.txt b/third_party/llvm-project/CMakeLists.txt
index d338dd6e0c5..8d5f2b1e347 100644
--- a/third_party/llvm-project/CMakeLists.txt
+++ b/third_party/llvm-project/CMakeLists.txt
@@ -63,7 +63,7 @@ SET(llvm_dwarf_SOURCES
   raw_ostream.cpp
   ScopedPrinter.cpp
   SmallVector.cpp
-  SourceMgr.cpp 
+  SourceMgr.cpp
   StringMap.cpp
   StringRef.cpp
   SymbolicFile.cpp
@@ -73,4 +73,5 @@ SET(llvm_dwarf_SOURCES
   YAMLParser.cpp # XXX needed?
   YAMLTraits.cpp
 )
-ADD_LIBRARY(llvm_dwarf OBJECT ${llvm_dwarf_SOURCES})
+add_library(llvm_dwarf OBJECT ${llvm_dwarf_SOURCES})
+target_link_libraries(binaryen llvm_dwarf)