Sprinkle the beef with salt and pepper and then coat with flour. In a dutch oven, heat the oil over medium high heat. Brown the beef in batches. Remove and set aside.
Add more oil to the pan if needed. Add the carrots, garlic and onion, and cook, stirring often, for 3 minutes until onion is soft.
Return the browned beef to the pan. Add water, bouillon, bay leaves, thyme and wine, if using. Bring to a boil, stirring to scrape up brown bits.
Reduce the heat, cover and simmer for 1 to 1 1/2 hours or until beef is tender. Stir occasionally and add more water as needed.
Add the potatoes and simmer for 5 minutes. Add the mushrooms and simmer for another 8 minutes or until potatoes are tender. Adjust seasoning by adding salt or liquid seasoning. Serve with steamed rice , bread or eat by itself.