To the purist (and flight test engineer) it's what you read on the gauge (observed airspeed) corrected for instrument error and parallax.
observed->(instrument and reading corrections)->indicated->(source error correction)->calibrated->(compressibility corrections)->equivalent->(density correction)->true->(wind)->ground
Most everyone in GA skips observed and equivalent...for (usually) valid reasons.
edit: There's also "advertised airspeed," which is usually your buddy's TAS + 5-10 knots
Nauga,
pneumatically