If the only values are either the current quarter or the prior, I would create Command (Database Expert) that would return the verbiage you desire and the dates that match. You can then pass these to the report.
If you are getting the data from a stored proc, just pass the 0 or -1 and have the database/stored proc figure out what the date range is.
If you are connecting to the data base, then you could use your functions in the filter section of the report (Report/Selection Formulas/Record). Don't worry about how to format the names, just double click on them from the pane above.
Hope one of these options works for you.