First off, neither IEEE-754-2008 nor -1985 have 16-bit floats; but it is a proposed addition with a 5-bit exponent and 10-bit fraction. IEE-754 uses a dedicated sign bit, so the positive and negative range is the same. Also, the fraction has an implied 1 in front, so you get an extra bit.
If you want accuracy to the ones place, as in you can represent each integer, the answer is fairly simple: The exponent shifts the decimal point to the right-end of the fraction. So, a 10-bit fraction gets you ±211.
If you want one bit after the decimal point, you give up one bit before it, so you have ±210.
Single-precision has a 23-bit fraction, so you'd have ±224 integers.
How many bits of precision you need after the decimal point depends entirely on the calculations you're doing, and how many you're doing.
- 210 = 1,024
- 211 = 2,048
- 223 = 8,388,608
- 224 = 16,777,216
- 253 = 9,007,199,254,740,992 (double-precision)
- 2113 = 10,384,593,717,069,655,257,060,992,658,440,192 (quad-precision)
See also
Wikipedia: Double-precision
Wikipedia: Half-precision