Good practice dictates that subroutine arguments in Fortran should each have a specified intent (i.e. intent(in), intent(out) or intent(inout
Your question prompts me to wonder (lots to do right now) whether you might encounter a difference in behaviour if your code passes a PARAMETER as an actual argument which your sub-program then attempts to write to. Without an INTENT declaration the compiler might let this go, leading to odd behaviour. With the declaration I'd expect a compile-time error.
You and I might think that there is no difference between INOUT and no INTENT declaration, but don't forget that there are a lot of old Fortran programs out there and that compatibility with older language versions is an important feature of new standards. If it was correct (but dodgy) FORTRAN77 then a lot of people expect their code to remain correct (still dodgy) with a Fortran 90+ compiler.
A quick read of the 2003 standard does indicate that there is a difference between INOUT and no INTENT, but more close reading is required. If you do test this let us know your conclusions; if I have time later I will test it myself and let you know.