XBMC project - Post 5 - updating to latest version

Story Board:
Post 1: http://blog.karthiksunil.com/2013/07/installing-home-media-centre-dyi-xbmc.html
Post 2: http://blog.karthiksunil.com/2013/07/xbmc-project-what-you-need.html
Post 3: http://blog.karthiksunil.com/2013/07/xbmc-project-post-3-operating-systems.html
Post 4: http://blog.karthiksunil.com/2013/07/xbmc-project-post-4-installing-openelec.html

This is what I did to install 3.1.2. You can follow these steps for even downgrading.

1. Follow steps in http://squirrelhosting.co.uk/hosting-blog/hosting-blog-info.php?id=9 
Get 3.0.6 img file and install
http://resources.pichimney.com/OpenELEC/official_images/?C=M;O=D

Later get official 3.1.2 (or any other latest version) kernel, system md5 files from http://openelec.tv/get-openelec/download/viewcategory/10-raspberry-pi-builds

Then, follow link below to update to highest version
http://wiki.openelec.tv/index.php?title=Updating_OpenELEC#Manually_Updating_OpenELEC