Excel: date+1 year?

Hello,
I am trying to set up a simple way to let my excel illiterate boss have a simple way of knowing when a list of products need to be updated. So I have the date the product was last update, then the status of the product "up to date" or "needs updating", then the product itself. I want to create a formula so that one year after the date the product was last updated the status of the product changes from "up to date" to "needs updating." Would this be an if statement or conditional formatting issue? How can I say if the date is greater than x plus one year, then change y to say "needs updating" then once the new update is completed the equation continues using the new update date. Any suggestions would be really helpful. Sorry this sounds like a word problem on a test or something. What do you all think?