A processing system includes a digital processing unit programmable as a function of a firmware stored to a non-volatile memory and a resource connected to the digital processing unit via a communication system. The processing system also includes a time reference circuit including a first digital counter circuit to generate, in response to a clock signal, a system time signal including a plurality of bits indicative of a time tick-count, and a time base distribution circuit to generate a time base signal by selecting a subset of the bits of the system time signal, wherein the time base signal is provided to the resource. The resource detects a given event, stores the time base signal to a register in response to the event, and signals the event to the digital processing unit. The digital processing unit reads, via the communication system, the time base signal from the register.