Rarely does a motherboard arrive with the latest BIOS. It all depends on how long since the board was made, when the latest BIOS was released, how long the board sat in a warehouse, etc.
The latest BIOS for that board was released 8-22. I think it's highly unlikely that your board would have that version.
Intel BIOS updates are very easy. You can do one of two things:
Go ahead and put your stuff together, install Windows, install the drivers off the drivers CD that comes with the board to get your graphics, NIC, etc., working properly. Go to Intel's site and download their 'Express BIOS Update' from
this page. Run that program from Windows and it'll do it's thing. (Read the instructions contained on that page for the exact procedure.)
Your second option is to flash your BIOS before you install Windows. From that same page, download their 'Iflash BIOS Update' on another machine. Have a formatted floppy disk available. Run the program and it will create a flash diskette for you. Boot your new machine with that diskette and it'll do its thing for you automatically.
If you have a problem with the flash, the third utility on that page is their 'Recovery BIOS' which supposedly will undo a bad flash but I've never had to use it.
We flash Intel boards at work all the time and have never had a problem using either method. I prefer the 2nd method I listed because flashing stuff under Windows still makes me queezy.