Hi all,
While I'm an old nerd, I'm new to this forum. I too was bothered by the time not being correct. I have a RPi3 with a new install of LibreELEC (Version 8.0.2). After searching through everywhere it seemed obvious it would be, I happened to check the "Interface settings". Once there, the second item in the menu is "Regional". There it has all the various things to set the clock as well as the format and such. Hope this helps.
Edit: should have mentioned that when you click on "Interface settings", you'll need to change from "Basic" (the gear wheel to the bottom left"). Each level gives you different options. Going at least to "Advanced" gives you most all the options; certainly enough to get the time and date displayed however you would prefer.