A unified self-consistent theory of the mutual influence of the electronic and spin subsystems in the s-f model approximation for ferromagnetic semiconductors is developed. The calculations are based on the novel approach of the two-time Green function method. It consists in the introduction of irreducible Green functions (IGF) and the derivation of the exact Dyson equation and the exact self-energy operator. It is shown that the IGF method gives a unified and natural approach for the calculation of the elementary excitation spectrum and damping. The full electronic and magnetic quasiparticle spectra of the s-f model are derived by taking explicitly into account magnon-magnon, electron-magnon and electron-electron scattering processes. The recent Babcenco and Cottam results (1981) follow from this theory in the lowest-order approximation.