Why does the alarm always shows the wrong date for events that are set with the All day option?

[AC Question]

An example: In the default Calendar App, I add an event on July 31, 2016 and select the "All day" selection box. I set the alarm for that event to occur 1 week prior. When the alarm goes off it shows the title of the event, and lists the date as July 30.

Android Ver 5.0.1 on AT&T Galaxy 4S