For this kind of "refreshing stuff", you should use a NSTimer:
//initialize this in your viewDidload
[NSTimer scheduledTimerWithTimeInterval:1.0
target:self
selector:@selector(refreshLabel)
userInfo:nil
repeats:Yes];
Then, in implement in your controller the method passed in the selector parameter above:
-(void)refreshLabel
{
//logic here: incrementing some counter and setting in your label
}
If you want a smaller piece of time, just change it in scheduledTimerWithTimeInterval
parameter.
This, of course, is just how you would set your label (assuming you have an IBOutlet to one) to be refreshed every second. You still would have to create chrono's logic (incrementing some instance variable, creating some logic to split minutes / seconds, or using NSDate methods). If you still want help with other things, please let us know.
Josh Caswell's links in comments will be a lot helpful to you.
If you with more information about the NSTimer, please read the Apple's documentation: https://developer.apple.com/library/mac/#documentation/Cocoa/Conceptual/Timers/Articles/usingTimers.html#//apple_ref/doc/uid/20000807-CJBJCBDE