With BIOS you should stay true to the principle "if it isn't broken, don't try to fix it". Do you really need to update? Did you get a new cpu that isn't supported by the older bios? Are going experiencing a bug that can be fixed by a new bios? If not then there is no reason to update. And ATI/AMD doesn't make motherboards, your motherboard only has their chipset on it.. and you didn't specify your motherboard model as well.
Intel I7 3770K @ 4.5ghz, Cooler Master Hyper 212 Evo, Gigabyte Z77X-UD3H, Gigabyte HD7970 ghz edition, 4x4gb Kingston HyperX Beast 2133mhz, Seasonic Platinum 860, OCZ Vertex 4 128gb, WD Black 1TB, WD Green 3TB+1.5TB, ASUS Xonar Essence ST, ASUS VE278Q, Windows 3.11