A high resolution timer, set the tick duration (default 1s) and callback to be actioned on each tick - accurate to within ~1-5ms per tick and compensates automatically for drift over time.

HighResolutionTimer.js

var HighResolutionTimer = window.HighResolutionTimer = window.HighResolutionTimer || (function() {

  var HighResolutionTimer = function(options) {
    this.timer = false;

    this.total_ticks = 0;

    this.start_time = undefined;
    this.current_time = undefined;

    this.duration = (options.duration) ? options.duration : 1000;
    this.callback = (options.callback) ? options.callback : function() {};

    this.run = function() {
      this.current_time = Date.now();
      if (!this.start_time) { this.start_time = this.current_time; }
      
      this.callback(this);

      var nextTick = this.duration - (this.current_time - (this.start_time + (this.total_ticks * this.duration) ) );
      this.total_ticks++;

      (function(i) {
        i.timer = setTimeout(function() {
          i.run();
        }, nextTick);
      }(this));

      return this;
    };

    this.stop = function(){
      clearTimeout(this.timer);
      return this;
    };
    
    return this;
  };

  return HighResolutionTimer;

}());

timer_example.js

 var _timer = HighResolutionTimer({
    duration: 1000,
    callback: function(timer) {
      var hours = Math.floor( ( ( (1000 / timer.duration) * timer.total_ticks) / 60) / 24) % 24;
      var minutes = Math.floor( ( (1000 / timer.duration) * timer.total_ticks) / 60) % 60;
      var seconds = ( (1000 / timer.duration) * timer.total_ticks) % 60;
      console.log(hours, minutes, seconds);
    }
});

example is wrong

it should be

 var _timer = new HighResolutionTimer({
    duration: 1000,
    callback: function(timer) {
      var hours = Math.floor( ( ( (1000 / timer.duration) * timer.total_ticks) / 60) / 24) % 24;
      var minutes = Math.floor( ( (1000 / timer.duration) * timer.total_ticks) / 60) % 60;
      var seconds = ( (1000 / timer.duration) * timer.total_ticks) % 60;
      console.log(hours, minutes, seconds);
    }
});