Coldfusion does recognize it. Use the value of the name attribute of the select field. For example,
<cfif isDefined("form.mySelect")>
form.mySelect: <cfoutput>#form.mySelect#</cfoutput>
</cfif>
<cfform action="#cgi.SCRIPT_NAME#">
<cfselect name="mySelect">
<option value="1">Yes</option>
<option value="0">No</option>
</cfselect>
<cfinput name="sbmt" type="submit" value="send">
</cfform>