I've tested this in 12.04 and there it is solved. Marking as fix
released.
** Changed in: indicator-datetime (Ubuntu)
Status: New => Fix Released
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https://bugs.launchpad.net/bugs/9
I've checked the BIOS: hardware clock is running and is correctly set. I
cannot recall seeing this behaviour in 11.04 (I 'm running a fresh
install of 11.10).
** Changed in: indicator-datetime (Ubuntu)
Status: Incomplete => New
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It defaults to using the hardware date and time when an internet
connection isn't present. From what I'm guessing, probably the system
clock on your system is inaccurate?
You can check that from your system BIOS.
** Changed in: indicator-datetime (Ubuntu)
Status: New => Incomplete
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You