Correct when selecting the date it will be displayed with the m/d/Y format. This can not be changed at this time because the date format need to be compatible with the date format saved in the database.
You can control the display of the date on the site’s frontend by changing the data format found on the Connections : Settings admin page under the General tab. Here you can change the display format to your desired Y/m/d format.
Hope that helps!