Biased answer from an editor of WHATWG HTML here. Hopefully the facts can speak for themselves though.
The WHATWG Living Standard should be considered authoritative. It is constantly worked on by a large community of contributors, including all browser vendors. No browser vendors implement according to W3C HTML; for some such as Firefox and Chrome this is a matter of publicly stated policy.
The WHATWG Living Standard is constantly receiving bug fixes and new features. For more information on this model of spec development, which more closely matches modern software development practices, see What does "Living Standard" mean?.
Unfortunately, the W3C sometimes copies and pastes our work onto their own website, and puts their own logo on it, and changes the names of the editors, and such. They do this for a variety of reasons, one of the largest of which is face-saving for the sake of their paying member companies (example of them stating this). What's worse, they like to release "versions" (like HTML "5.0", "5.1", etc.) which are just outdated versions missing modern bug fixes and features that clog up search result pages, causing confusion like this very question. We are currently tracking the confusion caused by these forks, of which HTML is only one.
You can track their progress on the copy-and-paste job in their issue tracker or in commits such as this one. It's a fun game to spot the bugs they introduce while doing this copy-and-paste job, as they generally do not read or understand the content they are copying, leading to widespread errors and inconsistencies.