The ANSI 1985 COBOL standard is commonly referred to as COBOL85. It's still COBOL, but with some added functionality to make life easier. COBOL85 introduced scope terminators, data field referencing, and the EVALUATE statement.
Scope terminators allow a programmer to write more legible code, and do certain things that were not possible before COBOL85.

Example 1: The inline PERFORM

0300-MAIN.
    PERFORM GET-DATA-RECORD.
    PERFORM UNTIL (NO-MORE-DATA)
	PERFORM CHECK-RECORD-FOR-ERRORS
	PERFORM GET-DATA-RECORD
    END-PERFORM.
The END-PERFORM is key here, since it tells the program where the loop ends. There was no END-PERFORM prior to COBOL85.

Example 2: The Nested IF

0300-MAIN.
    PERFORM GET-DATA-RECORD.
    IF (DATA-RECORD = SPACES)
        ADD 1		TO  BLANK-CNT
    ELSE
       IF (DATA-RECORD = ZEROS)
           ADD 1	TO  ZERO-CNT
       ELSE
	   ADD 1	TO  RECORD-CNT
       END-IF
    END-IF.
The END-IF makes the code more readable, and allows for a bit more coding flexibility.

I won't bore you with the others (there are at least 10), but you can get the idea of what a scope terminator is used for.
Data field referencing allows portions of a field to be manipulated or checked for values. This is useful if a field has a value you want to extract.

Example

The field TEXT-LINE contains PA: Marysville. If you wanted to extract PA, you would do that by using a MOVE statement as follows:

MOVE TEXT-LINE (1:2) TO TEXT-STATE

The TEXT-LINE (1:2) portion is telling the program to move everything from position 1 and 2 to the field TEXT-STATE.
The last big change is the addition of the EVALUATE statement. Using this statement eliminates the need for a complex IF block in some instances.

Example 1: Range

	EVALUATE MY-DATE-MM
	    WHEN 01 THRU 12
	        CONTINUE
            WHEN OTHER
                PERFORM DATE-ERROR-ROUTINE
        END-EVAULATE.
Example 2: Explicit Values

	EVALUATE MY-AGE
	    WHEN 01 THRU 17
	        MOVE "NON-ADULT" TO AGE-TEXT
	    WHEN 18
                MOVE "ADULT - UNDER DRINKING AGE" TO AGE-TEXT
            WHEN 21 THRU 99
		MOVE "ADULT - DRINKING AGE" TO AGE-TEXT
	END-EVALUATE.
Example 1 shows an evaluation of a range of values. Example 2 shows the same as Example 1, except it is also checking for an explicit value: 18.
COBOL isn't dead just yet.