The master of an edited program holds the material that is used as the source for making all deliverables and other versions (for language, subtitles etc.). Making a good quality master sufficient to fulfill quality needs of all target customers the standards should ensure that the deliverables are good.
For international distribution the use of 1080 x 1920 24P (the same frame rate as movies) is often regarded as the best to ensure good quality deliverables for HD and SD requirements. If it is a high-cost production aimed at a world market a 4K UHD may be required. Also, 24P can be a good frame rate for drama, but many other genres, including spot, would require higher or 50 or 60 I or P.
Supplying the best to all media platforms now often requires more than the traditional master can provide. A better form of master may be an uncommitted one, where all the original source material and all the tools used and their settings, are available so that any aspect of editing and finishing can be revisited to make the right deliverables for everyone.
See also: Deliverables