diff --git a/README.md b/README.md
index 148d509..8dc0f6c 100644
--- a/README.md
+++ b/README.md
@@ -7,7 +7,31 @@ This library provides definitions of structures used in the output of the THOR A
 - convert JSON logs into text logs
 - parse JSON logs
 
-## Usage
+## Versions
+
+There are three versions of the THOR log format:
+
+ - v1: The original THOR log format, used up to and including THOR version 10.7. This is equivalent to the THOR text format, simply serialized as JSON.
+ - v2: The format used in THOR version 10.7 with the `--jsonv2` flag. This format introduced a more structured approach to logging,
+   with subobjects for reasons, files, and other entities. It is largely open-ended and allows for custom fields.
+ - v3: The format used in THOR 11 and later. This format is more strict and versioned, with a defined schema. It introduces the concept of _reportable objects_.
+
+## Parsing Events
+
+There is a parser in the `thorlog/parser` package which can be used to parse an event.
+This parser is version aware and can handle all versions of the THOR log format.
+The result of the parsing is a `common.Event` object, which is a version-agnostic representation of a THOR event.
+It can be cast to the version-specific implementation of this interface, e.g. `thorlog.Finding` for a finding in version 3.
+
+## Textlog Conversion
+
+The `jsonlog.TextlogFormatter` type provides a way to convert an object to a text log format.
+
+This formatter can be used to convert findings and messages to a human-readable format.
+However, the text log format is not as rich as the JSON format and may not contain all fields.
+When in doubt, use the JSON format for analysis.
+
+## Objects in JSON Log Version 3
 
 Each object in the THOR log contains a `type` field that indicates the object type.
 This type determines how the object should be interpreted and what fields it contains.
@@ -20,11 +44,6 @@ The object types contained in a THOR log are `THOR finding` and `THOR message`:
 
 Both findings and messages are together called _events_.
 
-### Parsing Events
-
-There is a parser in the `thorlog/parser` package which can be used to parse an event independently of its type.
-This parser is also version aware, meaning it can handle different versions of the THOR log format.
-
 ### Reportable Objects
 
 Findings may contain more objects, e.g. as a subject that they report. 
@@ -38,14 +57,7 @@ E.g. when extracting a file from an archive, the file object should contain only
 that relate to the file itself, not to the archive.
 The archive data will instead appear in the _context_ of the finding.
 
-### Textlog conversion
-
-The `jsonlog.TextlogFormatter` type provides a way to convert an object to a text log format.
-
-This formatter can be used to convert findings and messages to a human-readable format.
-However, the text log format is not as rich as the JSON format and may not contain all fields.
-When in doubt, use the JSON format for analysis.
-
 ## Schema
 
-A schema for the THOR log format can be generated using the `thorlog/jsonschema` package.
+A schema for the version 3 format is attached to each release.
+It can also be generated using the `thorlog/jsonschema` package.