Hello qualitymoron - I think your question is good, so I am not sure your web name is fitting:
1. First, forget about "satisfying the standard." That is the wrong first step. Understand the requirements of the standard, but focus on satisfying your business needs. Then, connect the dots to the standard.
2. Machine downtime is common but too broad. It includes many other factors - poor attendance, inadequate staffing, lack of orders, etc. A better focus for maintenance is "unplanned downtime due to maintenance issues." In other words, breakdowns.
3. Also, things like productivity improvements, ratio of PM vs. repairs are common.
Hope that is a good start.