EARLY IN DAY: Cut round steak into 8 large pieces.
Mix flour with S&P and with edge of saucer, pound into steak.
In hot oil in Dutch oven, brown steak on both sides; add onions and brown a bit. Add soup and water. Cover; simmer about 30 minute or until meat begins to be tender.
TO SERVE: Heat meat to simmering point; add potatoes and carrots; simmer, covered about 25 minute Season to taste. Push frozen peas down into the juices. Cook, covered, about 10 min longer or just until vegetables are tender.