If you refer to _precision_ timekeeping, look around at www.ntp.org.
There are several papers describing the kernel synchronization model
(mostly technical however).
What's missing even there is a definite description on how the Linux
kernel handles the RTC, like the infamous question under which
circumstances the "11 minute update mode" is active. There is so much
disagreement on how best to deal with the RTC (see the hwclock(8)
manpage and the documentation in the Debian version thereof) that it
more and more seems to me the best way to handle it is to ignore it as
much as possible and solely rely on NTP...
Olaf
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