The last BIOS update was almost two years ago, yet you have this thread a few months ago and now ask about a BIOS update which I think you are suggesting was really recent?
http://www.tomshardware.com/answers/id-3398765/4690k-overclocking-asus-b85m.html
so? what's going on?
I see a few potential issues:
1) low quality motherboard for overclocking, but yes should handle a light overclock since I assume the board can handle a stock i7-4790K which would use a lot more power than a stock i5-4690K
2) stock CPU cooler may work, but if does will be loud
3) DOES it support overclocking?
4) *Intel has microcode updates that can kill overclocks even if they work in the BIOS. I'm not sure what motherboards and CPU's are affected. (which means once you boot into Windows your CPU may default to stock settings)
Other:
I'm not sure if you can modify the TURBO values like I did with my i7-3770K. If you can (and can't OC) then right away try raising them all to maximum and see if it's stable.
In other words, a multiplier of "39" for every Turbo level such that under heavy load it should run at a solid 3.9GHz.
If you manage a "4.2GHz" OC depending on how you did it that may still throttle down. I'm honestly not that familiar.
I guess all you can do is try. I can't find any information on this, so I'm somewhat skeptical it will work (overclocking that is).