Place the beef in a large bowl then sprinkle on 1 tsp salt & and 1/2 tsp black pepper and toss to combine.
Heat 1 TBSP of the oil in a dutch oven over medium-high heat.
When the oil is hot add HALF the beef to the pot and cook until browned on all sides, about 4 minutes.
Transfer the browned beef to a plate and set aside then add 1 TBSP of oil to the pot and brown the second batch of beef. Transfer the beef to the plate keeping any fat from the beef in the pot.
Add the remaining 1 TBSP of oil to the pot then add the onion and carrots to the pot and cook, stirring often, for about 3 minutes.
Stir in the flour, garlic powder, and thyme until well combined.
Stir in the water then use a wooden spoon or spatula to scrape any bits stuck to the bottom of the pot.
Stir in the soy sauce, farro, bay leaves, and browned beef then bring to a boil.
Place a lid on the pot and reduce the heat to medium-low.
Simmer the stew, stirring occasionally, until beef is tender, about 1 hour.
Take off the heat then taste and season with additional salt & pepper if needed.
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