A method of determining a time stamp for an event in a digital processing device, the method comprising the steps of: receiving a signal at the digital processing device; recovering data and a clock signal from the received signal; providing the data to two or more hardware components in the digital processing device; obtaining a coarse time stamp for an event associated with the data from a time stamp counter of the digital processing device, the time stamp counter being incremented by a reference clock of the digital processing device; generating timing correction data representative of a timing offset between timing of a trigger for the event and the coarse time stamp by determining an offset between the reference clock and the clock signal recovered from the received signal; and adjusting the coarse time stamp based on the timing correction data to provide a precision time stamp for the event that provides a higher resolution than the coarse time stamp provided by the time stamp counter; providing, by the two or more hardware components, processing latency information, wherein the method further comprises: passing forward, by a preceding hardware component of the two or more hardware components, latency information to a subsequent hardware component of the two or more hardware components; and after receiving the latency information by the subsequent hardware component, updating the latency information to add the latency of the subsequent hardware component, thus forming cumulative latency information; obtaining the cumulative latency information; and wherein adjusting the coarse time stamp to provide the precision time stamp further comprises subtracting the cumulative latency information from the coarse time stamp. receiving a signal at the digital processing device; recovering data and a clock signal from the received signal; providing the data to two or more hardware components in the digital processing device; obtaining a coarse time stamp for an event associated with the data from a time stamp counter of the digital processing device, the time stamp counter being incremented by a reference clock of the digital processing device; generating timing correction data representative of a timing offset between timing of a trigger for the event and the coarse time stamp by determining an offset between the reference clock and the clock signal recovered from the received signal; and adjusting the coarse time stamp based on the timing correction data to provide a precision time stamp for the event that provides a higher resolution than the coarse time stamp provided by the time stamp counter; providing, by the two or more hardware components, processing latency information, wherein the method further comprises: passing forward, by a preceding hardware component of the two or more hardware components, latency information to a subsequent hardware component of the two or more hardware components; and after receiving the latency information by the subsequent hardware component, updating the latency information to add the latency of the subsequent hardware component, thus forming cumulative latency information; obtaining the cumulative latency information; and wherein adjusting the coarse time stamp to provide the precision time stamp further comprises subtracting the cumulative latency information from the coarse time stamp. passing forward, by a preceding hardware component of the two or more hardware components, latency information to a subsequent hardware component of the two or more hardware components; and after receiving the latency information by the subsequent hardware component, updating the latency information to add the latency of the subsequent hardware component, thus forming cumulative latency information; obtaining the cumulative latency information; and wherein adjusting the coarse time stamp to provide the precision time stamp further comprises subtracting the cumulative latency information from the coarse time stamp.