when is it needed to update bios firmware?

I would only update with a flash if i was having issues. Not because its there. Read what the flash will do for you. Will it fix a problem you have with hardware? Is it going to make the board faster maybe. Is it considered a critical or security update. Don't take it just because its there. If something goes wrong during a flash you will be down.
 
I like to update to the latest version anyway, but I'll mainly do it for updated CPU and RAM support.
 
Most if not all motherboards nowadays have atleast a dual bios some come with triple bios and some even quad bios so in the case you accidently stuff up the bios flash you can revert to the old bios and you won't have bricked your board.
 
I will update my cpu when the device is able to do updates
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I sell refurbished Dell Latitude and OptiPlex computers at the shop I work at. I read through the BIOS change logs to see what changes. Sometimes it improves support for USB devices or CPU functionality, and sometimes also updates the CPU fan temperature table to provide better cooling, so I usually update all of those machines to the latest BIOS revision for that reason.

My personal board doesn't have any new updates, but previous updates included eSATA/SATA updates and other core clock modifications.
 
My college courses have generally taught me to not update the BIOS, unless it fixes some issue I'm experiencing. I personally don't update the BIOS unless it adds more functionality. Ie on my board the latest BIOS added more control over the ACPI functions, etc..
 
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