Sprinkle the flour, salt and pepper over the stewing beef pieces. Toss to coat.
Pour the olive oil into a Dutch oven. Heat the oil on the stove top over medium high-heat.
Brown the beef chunks in the oil.
When the beef has been browned on all sides, add in beef broth and cook, stirring, for 2 minutes making sure to scrape up any browned bits stuck to the bottom of the pot.
Stir in the tomato paste then add the bay leaves, thyme, onions and garlic.
Put the lid on the Dutch oven and bake at 350F for 2 hours.
Remove the stew from the oven and stir in the potatoes, carrots and mushrooms.
Put the lid back on and return the stew to the oven for an additional hour, until potatoes and carrots are tender.
Remove the bay leaves and thyme sprigs and garnish with fresh chopped parsley.