The document discusses the key components of standards-based grading. It begins by describing how the author changed their grading practices after their son received a C on a math test but later understood the material. Some of the key aspects of standards-based grading discussed include allowing unlimited re-assessments, grouping students by proficiency rather than class, and ensuring grades reflect evidence of learning of standards rather than things like homework. The author also provides examples of how they implement standards-based grading in their own classroom through tracking student progress on benchmarks and grouping students for instruction.