Well, that's sad

If you read the error message, you'll notice there's something wrong about that UPDATE word (it even specifies the position).
Now UPDATE is likely a reserved word - DON'T USE IT IN TABLE/COLUMN/WHATEVER NAMES.
Apart from that, does Firebird allow you to create column names with spaces in it? Edit: it seems so because it's not complaining about the previous INCEPTION DATE. I would avoid spaces though, suggest underscores instead.
When I get these errors in programming, I always run the SQL in a tool like Flamerobin to see whether it works there...
Also, it helps if you post a new thread for each new subject. Helps attract people who know about the subject and helps searches be more accurate as well..