diff --git a/CHANGELOG.md b/CHANGELOG.md
index 91da9e1..06a7ecb 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,25 @@
 # Changelog
 
+This project does NOT follow semantic versioning. The version increases as
+follows:
+
+1. Major version updates are breaking updates to the build infrastructure.
+   These should be very rare.
+2. Minor version updates are made for every major Buildroot release. This
+   may also include Erlang/OTP and Linux kernel updates. These are made four
+   times a year shortly after the Buildroot releases.
+3. Patch version updates are made for Buildroot minor releases, Erlang/OTP
+   releases, and Linux kernel updates. They're also made to fix bugs and add
+   features to the build infrastructure.
+
+## v0.3.2
+
+This release updates Erlang/OTP from 24.1.2 to 24.1.4.
+
+* Updated dependencies
+  * [nerves_system_br v1.17.3](https://github.com/nerves-project/nerves_system_br/releases/tag/v1.17.3)
+  * [Erlang/OTP 24.1.4](https://erlang.org/download/OTP-24.1.4.README).
+
 ## v0.3.1
 
 This release fixes [a bug](https://github.com/pojiro/nerves_system_f3rp70/issues/4) in v0.3.0 that blocked the Erlang VM starting.
diff --git a/VERSION b/VERSION
index 9e11b32..d15723f 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-0.3.1
+0.3.2