The Irish actor made these comments while discussing the recent success of his film Banshees of Inisherin alongside co star Brendan Gleeson. The Martin McDonagh directed film has received nine nominations for this years' ceremony.
Such nominations include Banshees of Inisherin co stars Barry Keoghan and Kerry Condon, who received nods for Best Supporting Actor and Best Supporting Actress respectively, while Martin McDonagh was nominated for Best Director, Best Picture and Best Original Screenplay.
Calling this success a "sweet time", Farrell also said, "I get to see him (Gleeson), get to spend time with Kerry and Martin that we wouldn't otherwise".
"In that way, that's the kind of window I climb through to enjoy this whole experience rather than taking it too serious, you know?", he added.
When asked by interviewer Tracy Smith on the importence of enjoying the whole experience of being nominated as opposed to getting caught up in the horse race, Farrell replied, "Yeah, exactly, exactly", before explaining, "Just to be sharing it with the other lads and whoever's around and the films and the filmmakers. I still get giddy about the whole thing anyway, do you know what I mean?".
"Do I need it? No. But is it a bit of craic? Yeah. It's a moment in time - and then move on", Farrell insisted.
The Oscars ceremony takes place in Los Angeles' Dolby Theatre on March 12.
