The Fiscal Period selection criteria can be used to narrow down the period through which report data will reflect.  The values in the drop-down lists will be a concatenation of Fiscal Year Name w/ Accounting Period.  

In this version of the Date Range control, you have the option of specifying:

• Specific Period -- You can specify a specific Period  by selecting a particular value from the drop-down list.

• Named Period -- You can specify a named period from the list of available built-in values.  This approach may be particularly helpful if you plan to save the criteria.   

Note that you must have the Allow Creation of and Show Fiscal Calendar Options  (unanet.fiscal_calendar.enabled) property enabled and have created Fiscal Periods (via the Admin >> Setup >> Fiscal Year screen) in order for options to appear in this drop-down list.