There is lots of advice on the forum, for sure. You do however need to develop your own technique, that works for you, and not put too much emphasis on what other people say. Some people say it's “overwhelming” and so on, all though I agree that it is not possible to focus on “everything” (=impossible), I don't find FAR any more overwhelming than REG, and both are manageable if you have a good study plan and some discipline.
This is what I did for FAR.
Read the book, took notes in an Excel document with four columns: Topic, page in book (only filled out where I did not fully comprehend the concept), formula (if applicable) and notes. After each chapter, I did say 1/3 of all MCQs on that chapter, just to get a feeling. I build on to my notes from the content of those MCQs. When I was through all chapters, I felt like shit, because not much had stuck and about half way through that feeling of “overwhelming” begun being present. I got rid of that feeling by setting up a schedule of how I would cover all of the NINJA MCQs (I think around 2,000 of them) one time through, by doing “new questions” (so not random / AL) across all topics in sessions of 30. I maximized this, given the time I had available, and kept track of how my average score developed. I had my Excel notes printed, and built on to them by hand writing notes from the MCQs. With about a week to go, I was scoring 75%+ in average, and started to go through all my notes (about 100 pages) from first page, with about 10 pages a day. Memorizing as much as possible, while continuing with the MCQs. Worked for me.
Big 4 Audit Manager from Europe here to pass the CPA in the U.S. of A in 2014! Niiice!
AUD - 95 / Jul 15 / 130h over 4 weeks
FAR - 86 / Aug 14 / 240h over 4 weeks
(11 week break)
REG - 81 / Nov 14 / 200h over 4 weeks
BEC - 87 / Nov 17 / 30 h over 2.5 days
.