diff --git a/.github/ISSUE_TEMPLATE.md b/.github/ISSUE_TEMPLATE.md
index cd8592775d..0e94b6cdec 100644
--- a/.github/ISSUE_TEMPLATE.md
+++ b/.github/ISSUE_TEMPLATE.md
@@ -6,8 +6,8 @@ ## Please follow the guide below
 
 ---
 
-### Make sure you are using the *latest* version: run `youtube-dl --version` and ensure your version is *2017.03.15*. If it's not read [this FAQ entry](https://github.com/rg3/youtube-dl/blob/master/README.md#how-do-i-update-youtube-dl) and update. Issues with outdated version will be rejected.
-- [ ] I've **verified** and **I assure** that I'm running youtube-dl **2017.03.15**
+### Make sure you are using the *latest* version: run `youtube-dl --version` and ensure your version is *2017.03.16*. If it's not read [this FAQ entry](https://github.com/rg3/youtube-dl/blob/master/README.md#how-do-i-update-youtube-dl) and update. Issues with outdated version will be rejected.
+- [ ] I've **verified** and **I assure** that I'm running youtube-dl **2017.03.16**
 
 ### Before submitting an *issue* make sure you have:
 - [ ] At least skimmed through [README](https://github.com/rg3/youtube-dl/blob/master/README.md) and **most notably** [FAQ](https://github.com/rg3/youtube-dl#faq) and [BUGS](https://github.com/rg3/youtube-dl#bugs) sections
@@ -35,7 +35,7 @@ ### If the purpose of this *issue* is a *bug report*, *site support request* or
 [debug] User config: []
 [debug] Command-line args: [u'-v', u'http://www.youtube.com/watch?v=BaW_jenozKcj']
 [debug] Encodings: locale cp1251, fs mbcs, out cp866, pref cp1251
-[debug] youtube-dl version 2017.03.15
+[debug] youtube-dl version 2017.03.16
 [debug] Python version 2.7.11 - Windows-2003Server-5.2.3790-SP2
 [debug] exe versions: ffmpeg N-75573-g1d0487f, ffprobe N-75573-g1d0487f, rtmpdump 2.4
 [debug] Proxy map: {}
diff --git a/ChangeLog b/ChangeLog
index da64f97eac..75a8bd7a6e 100644
--- a/ChangeLog
+++ b/ChangeLog
@@ -1,4 +1,4 @@
-version <unreleased>
+version 2017.03.16
 
 Core
 + [postprocessor/ffmpeg] Add support for flac
diff --git a/README.md b/README.md
index 0fc5984dc4..86b44781ca 100644
--- a/README.md
+++ b/README.md
@@ -375,8 +375,9 @@ ## Post-processing Options:
                                      (requires ffmpeg or avconv and ffprobe or
                                      avprobe)
     --audio-format FORMAT            Specify audio format: "best", "aac",
-                                     "vorbis", "mp3", "m4a", "opus", or "wav";
-                                     "best" by default; No effect without -x
+                                     "flac", "mp3", "m4a", "opus", "vorbis", or
+                                     "wav"; "best" by default; No effect without
+                                     -x
     --audio-quality QUALITY          Specify ffmpeg/avconv audio quality, insert
                                      a value between 0 (better) and 9 (worse)
                                      for VBR or a specific bitrate like 128K
diff --git a/youtube_dl/version.py b/youtube_dl/version.py
index cbe686517a..f38f130bf5 100644
--- a/youtube_dl/version.py
+++ b/youtube_dl/version.py
@@ -1,3 +1,3 @@
 from __future__ import unicode_literals
 
-__version__ = '2017.03.15'
+__version__ = '2017.03.16'