we are using BI Apps 220.127.116.11. I used CURRENT_MONTH varible in my Report.
But values are not changed it will showing for 2012/10 month only.it will not update to 2012/11.
I restarted OPMN services but No Use.
Make sure you purge the cache and also try to create a new sample report with any of column and the variable.
Just in case still you see the same value then check init block and its config.
Let us know your findings, if helps pls mark.