bp-corporate upgrade from 1.2 to 1.3.4


It has been awhile since I've upgraded my bp-corporate theme, so I did some reading of the install doc.
I read this statement in the bp-corporate install instructions uned how to use a Child theme:

Also when you update a theme just do not update the child only update the parent and all your changes will be kept.

It is my understanding that this is backwards.

On to my questions:
1. My child theme shows that it is at release 1.2. What do I need to update to get it to the new 1.3.4 and why do I need to do this?

2. I replaced the parent theme folder on my website, but the WMPU Dev Update indicator says I'm still at version 1.2.

I suspect that these are related. There must be something I need to update on the Child Theme too.
Like maybe the ADMIN BAR thingy.

Kind regards,Larry