Conversion from UTCDateTime to Date or Time in AX

Here is an example of correct conversion between UTCDateTime value and Date and Time value which is associated with user preferred time zone:
public static void testDateTimeConversion()
{
    utcDateTime dateTime;
    date dateInUserTimeZone;
    TimeOfDay timeInUserTimeZone;

    dateTime = DateTimeUtil::utcNow();

    dateInUserTimeZone = DateTimeUtil::date(DateTimeUtil::applyTimeZoneOffset(dateTime, DateTimeUtil::getUserPreferredTimeZone()));
    timeInUserTimeZone = DateTimeUtil::time(DateTimeUtil::applyTimeZoneOffset(dateTime, DateTimeUtil::getUserPreferredTimeZone()));

    dateTime = DateTimeUtil::newDateTime(dateInUserTimeZone, timeInUserTimeZone, DateTimeUtil::getUserPreferredTimeZone());
}