diff --git a/NEWS b/NEWS
index 3488723b8a43b..91d18be9d66f8 100644
--- a/NEWS
+++ b/NEWS
@@ -10,6 +10,8 @@ PHP                                                                        NEWS
   . Fixed bug GH-15330 (Do not scan generator frames more than once). (Arnaud)
   . Fixed bug GH-15644 (Asymmetric visibility doesn't work with hooks). (ilutov)
   . Implemented lazy objects RFC. (Arnaud)
+  . Fixed bug GH-15686 (Building shared iconv with external iconv library).
+    (Peter Kokot, zeriyoshi)
 
 - DOM:
   . Fixed bug GH-13988 (Storing DOMElement consume 4 times more memory in
diff --git a/ext/iconv/config.m4 b/ext/iconv/config.m4
index de76ea9e53008..4d0dc36489833 100644
--- a/ext/iconv/config.m4
+++ b/ext/iconv/config.m4
@@ -8,9 +8,9 @@ if test "$PHP_ICONV" != "no"; then
   PHP_SETUP_ICONV([ICONV_SHARED_LIBADD],,
     [AC_MSG_FAILURE([The iconv not found.])])
 
-  save_LDFLAGS=$LDFLAGS
+  save_LIBS=$LIBS
   save_CFLAGS=$CFLAGS
-  LDFLAGS="$ICONV_SHARED_LIBADD $LDFLAGS"
+  LIBS="$LIBS $ICONV_SHARED_LIBADD"
   CFLAGS="$INCLUDES $CFLAGS"
 
   AC_CACHE_CHECK([for iconv implementation], [php_cv_iconv_implementation], [
@@ -111,7 +111,7 @@ int main(void) {
     [AC_DEFINE([ICONV_BROKEN_IGNORE], [1],
       [Define to 1 if iconv has broken IGNORE.])])
 
-  LDFLAGS=$save_LDFLAGS
+  LIBS=$save_LIBS
   CFLAGS=$save_CFLAGS
 
   AC_DEFINE([HAVE_ICONV], [1],