Arctic Silver is far too minor a company to set any industry standards, and electronics manufacturers are far more likely to use thermal chemicals from Thermalloy, Dow Chemical, Loctite, or Novagard. They also prefer dielectric pastes, which Arctic Silver is not, and some manufacturers have expressed frustration at the company's technical capabilities ("all sales, no science" is what I once heard).
The correct amount of compound is just enough to completely fill any gaps between the mating surfaces, and that can't be determined accurately without trying increasing quantities until no voids are seen when the surfaces are separated. Fortunately in practice the thickness isn't nearly as critical as some anxiety ridden souls believe, and a layer approximately 0.5-1.0mm will work fine. Press down and move the heatsink in a circular motion to squeeze out excess. But the clamping pressure of the heatsink will normally squeeze out the excess.