diff --git a/shell-completion/hledger-completion.bash b/shell-completion/hledger-completion.bash
index e5fa7e2a6..967a8aa59 100644
--- a/shell-completion/hledger-completion.bash
+++ b/shell-completion/hledger-completion.bash
@@ -188,12 +188,16 @@ _hledger_compgen() {
 # Try required option argument completion. Set COMPREPLY and return 0 on
 # success, 1 if option doesn't require an argument or out of context
 _hledger_compreply_optarg() {
-    local match wordlist
+    local optionIndex=${1:-$((cword - 1))}
+    local recursionLevel=${2:-0}
+    local wordlist
+    local error=0
+    local match
 
     # Match the empty string on --file=<TAB>
     [[ $cur == = ]] || match=$cur
 
-    case $prev in
+    case ${words[optionIndex]} in
         --alias)
             compopt -o nospace
             _hledger_compreply "$(_hledger_compgen "$(_hledger accounts --flat)" "" "$match")"
@@ -234,12 +238,20 @@ _hledger_compreply_optarg() {
         -b|--begin|-e|--end|-p|--period|--depth|--drop)
             _hledger_compreply ""
             ;;
+        =)
+            # Recurse only once!
+            ((recursionLevel > 1)) && return 1
+            if [[ ${words[optionIndex - 1]} == -* ]]; then
+                _hledger_compreply_optarg $((optionIndex - 1)) $((recursionLevel + 1))
+                error=$?
+            fi
+            ;;
         *)
-            return 1
+            error=1
             ;;
     esac
 
-    return 0
+    return $error
 }
 
 # Query filter completion through introspection
diff --git a/shell-completion/hledger-completion.bash.m4 b/shell-completion/hledger-completion.bash.m4
index 00948ccc1..21b406e30 100644
--- a/shell-completion/hledger-completion.bash.m4
+++ b/shell-completion/hledger-completion.bash.m4
@@ -188,12 +188,16 @@ _hledger_compgen() {
 # Try required option argument completion. Set COMPREPLY and return 0 on
 # success, 1 if option doesn't require an argument or out of context
 _hledger_compreply_optarg() {
-    local match wordlist
+    local optionIndex=${1:-$((cword - 1))}
+    local recursionLevel=${2:-0}
+    local wordlist
+    local error=0
+    local match
 
     # Match the empty string on --file=<TAB>
     [[ $cur == = ]] || match=$cur
 
-    case $prev in
+    case ${words[optionIndex]} in
         --alias)
             compopt -o nospace
             _hledger_compreply "$(_hledger_compgen "$(_hledger accounts --flat)" "" "$match")"
@@ -234,12 +238,20 @@ _hledger_compreply_optarg() {
         -b|--begin|-e|--end|-p|--period|--depth|--drop)
             _hledger_compreply ""
             ;;
+        =)
+            # Recurse only once!
+            ((recursionLevel > 1)) && return 1
+            if [[ ${words[optionIndex - 1]} == -* ]]; then
+                _hledger_compreply_optarg $((optionIndex - 1)) $((recursionLevel + 1))
+                error=$?
+            fi
+            ;;
         *)
-            return 1
+            error=1
             ;;
     esac
 
-    return 0
+    return $error
 }
 
 # Query filter completion through introspection