Source: Warhammer Fantasy: 4th Edition

Standards
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A unit of troops may carry a standard which might take the form of a flag, banner, totemic idol, or similar device. The standard is carried by a standard bearer. The standard bearer is armed and armoured like the other models in the unit and fights in exactly the same way. Although the standard bearer has to carry a banner as well as fight, he is chosen from the meanest and most determined individuals in the unit, and this more than makes up for any disadvantage suffered because of the weight and inconvenience of the standard.

The standard bearer model is usually placed in the middle of the front rank of the unit, next to its leader model, musician and champion if it has them. This is not necessarily the rule, but it does look best! When a unit sustains casualties these are removed from amongst its fighting rank and the player may decide which of his models to remove. He will not wish to remove a standard bearer unless he has no other choice - ie, if there are no other models left in a fighting rank to remove instead. This represents the fact that when a standard bearer is slain another warrior will pick up the standard, keeping the unit's flag flying during the battle.

If a unit has a standard in its front rank then it will be more determined than ever to fight hard and beat the foe. A unit which has a standard flying in its front rank may therefore add +1 to its combat score when deciding which side has won hand-to-hand combat. However, note that if a standard bearer model is slain it won't count towards working out the combat results. See the Hand-to-Hand Combat section for a complete description of how to work out which side has won the combat.