This is the utility to flash a new BIOS to replace your current BIOS version.
The first thing you need to do is figure out WHY you are going to update your BIOS.
Unless the update is written to fix a specific problem, and you are having that problem, updating your BIOS is really pretty pointless. Beyond that, unless you know exactly what you are doing, and you screw up the flash process, it can render your motherboard dead, and the only way to fix it is to RMA the board.
Usually, the most common time a person wants to flash the BIOS is if you are upgrading to a new CPU that was not available at the time you bought the board, so that the original BIOS will not recognize the new CPU when you plug it in. There may be a BIOS revision which support for the new CPU has been included, then you need to do an update, or more accurately, flash a new BIOS file to the ROM memory.
When you "update", it overwrites the old BIOS with a new one. Most of the time, you will not see any changes for all outward appearance the new BIOS will look exactly like the old one. The changes are in the background, for supporting of new or updated hardware, so you won't see a bunch of new controls or things you can play with, the only difference you will see is the new version number when you boot.