diff --git a/CHANGES.md b/CHANGES.md
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -1,6 +1,11 @@
 Changes
 =======
 
+Version 1.0.1
+-------------
+
+Make SmallCheck build with GHC 7.4
+
 Version 1.0
 -----------
 
diff --git a/Test/SmallCheck/Drivers.hs b/Test/SmallCheck/Drivers.hs
--- a/Test/SmallCheck/Drivers.hs
+++ b/Test/SmallCheck/Drivers.hs
@@ -20,7 +20,7 @@
 import Test.SmallCheck.Property
 import Test.SmallCheck.Property.Result
 import Text.Printf
-import Data.IORef
+import Data.IORef (readIORef, writeIORef, IORef, newIORef) -- NB: explicit import list to avoid name clash with modifyIORef'
 
 -- | A simple driver that runs the test in the 'IO' monad and prints the
 -- results.
@@ -52,6 +52,15 @@
   badN  <- readIORef bad
 
   return ((goodN, badN), r)
+
+-- NB: modifyIORef' is in base starting at least from GHC 7.6.1.
+--
+-- So get rid of this once 7.6.1 becomes widely adopted.
+modifyIORef' :: IORef a -> (a -> a) -> IO ()
+modifyIORef' ref f = do
+    x <- readIORef ref
+    let x' = f x
+    x' `seq` writeIORef ref x'
 
 -- | Use this if:
 --
diff --git a/smallcheck.cabal b/smallcheck.cabal
--- a/smallcheck.cabal
+++ b/smallcheck.cabal
@@ -1,5 +1,5 @@
 Name:          smallcheck
-Version:       1.0
+Version:       1.0.1
 Cabal-Version: >= 1.6
 License:       BSD3
 License-File:  LICENSE
@@ -27,7 +27,7 @@
 Source-repository this
   type:     git
   location: git://github.com/feuerbach/smallcheck.git
-  tag:      v1.0
+  tag:      v1.0.1
 
 Library