The part that matters: a reference standard is a material of known identity and established purity against which you compare everything else, and it is the foundation of quantitation.
Using a standard that is older than its certificate validity window is using a material of unknown purity, which defeats the purpose of having a standard.
A standard of uncertain purity used to measure an unknown sample produces a result whose uncertainty is larger than you will have estimated.
The ICH Q3A and Q3B thresholds for reporting, identification and qualification of impurities are the framework the pharmaceutical industry works to, and they are worth reading even though nothing in the research-grade supply chain is obliged to meet them, because they tell you which numbers a competent analyst would consider worth reporting at all.
The practical summary: use a standard of declared purity and verified traceability, and check that the certificate is current.
edited 15 May 2025 by tobias_maartens — reworded for clarity after a comment