Using Outlook 2013 with ActiveSync. SmarterMail Enterprise 14.3.5752.
Using SmarterMail, create a yearly, all-day (clicking the "All Day" box) event that reoccurs either daily, weekly, monthly or yearly (example date October 11th). In Outlook, the event appears as beginning at 11:00pm on the day the event is created (October 11th) on and ending at 11:00pm on the next day (October 12th). The time zone settings are the same for both SmarterMail and Outlook.
If the event is not reoccurring the event is correct in both SmarterMail and Outlook.
If the all-day recurring event is created in Outlook the event is synchronized correctly with Smarter Mail.