2705546 - 'As Of Date' vs 'Today' - What is the difference between the two dynamic variables in ORD Calculated columns?

The Dynamic date variable option available in Advanced Reporting calculated columns' token editor has two similar options - 'As of Date' and 'Today'.
This article intends to explain the difference between them.

Image/data in this KBA is from SAP internal systems, sample data, or demo systems. Any resemblance to real data is purely coincidental.

SAP SuccessFactors HCM Suite:

• Online Report Designer / Report Canvas : Advanced Reporting

1. Create a new Online Report Designer / Report Canvas Report
2. Choose Advanced Reporting data source
3. Create a new calculated column
4. Click the Token Editor - icon that says 'A' 
5. Select the 'Date' radio button
6. Enable the 'Use Dynamic Date Variable' checkbox
   'As of Date' and 'Today' are the slightly confusing options among the available ones.
   
   

The %TODAY% (Today) option will always fetch the date on which the report is being run.

And this behaviour cannot / will not be modified.

%AS_OF_DATE% (As Of date) depends on the date option set in the report.
If the report's driving table's date option is current date / Date Range, %AS_OF_DATE% will fetch the same value as %TODAY%.
i.e. date on which the report is being run

However, if report's date option is set to 'As Of Date', the %AS_OF_DATE% token in the calculated column will fetch the date that has been defined in the date options' As Of Date'
If the 'Selectable At Runtime' checkbox has been enabled for the date options, the effected date selected at the report's run time will be used by the %AS_OF_DATE% token.

Example output when the date option is set to 'As Of Date' and the date is hardcoded:

Example output when the date option is set to 'As Of Date' and the date is modified at runtime:

As Of Date, Today, Calculated column,"%TODAY%", "%AS_OF_DATE%", Report, Canvas, Online, Designer, ORD, ODS, REALMS, Token, Editor, Dynamic, Date,Variable , KBA , LOD-SF-ANA-ORD , Online Report Designer , LOD-SF-ANA-ADV , Advanced Reporting (ODS) , How To