The common business practice for electronic documents is to include a Change History in the document's introduction or preface, usually presented as a table which headings such as:
- Version (e.g. 0.1, 1.0, etc)
- Details (e.g. Initial draft, Added section X, Minor corrections, etc)
- Author (the name of the person(s) who created that edit)
- Date (the date on which this version of the document was published)
Some also have a status, e.g. Draft, RFC (Request for Comment), Review, Final.
These are usually listed from oldest to newest, so that the last entry pertains to the version of the document you have.
The idea is that anyone getting a copy of the document can see what version they have and a brief summary of all the edits and who edited it).
Best practice is to keep the document in a versioned document repository, such as SharePoint, so that the default option is always to get the latest version, and to discard printed copies after use so that you always have the latest. This is referred to as a "living document" and is CMM (capability maturity model) compliant business practice.
If you're talking about a printed document, e.g. a notice posted up on a noticeboard, then Effective or Updated are both sufficient.