SFAS No. 35 is considered a landmark standard because it set accounting and reporting standards for a new entity, the pension plan, as separate and distinct from the sponsoring company.

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SFAS No. 35, Accounting and Reporting for Pension Plans, is considered a landmark standard in the accounting industry because it established standards for the reporting of pension plans as separate and distinct entities from their sponsoring companies. Prior to this standard, there were no clear guidelines for how pension plans should be accounted for, and companies often included the pension plan's assets and liabilities on their balance sheets along with their own. SFAS No. 35 changed this by requiring companies to prepare separate financial statements for their pension plans and report them on a stand-alone basis.

SFAS No 35 Is Considered a Landmark Standard Because It Set