“The clocks on the client and server machines are skewed” error resulting in reports showing label IDs instead of text

Working with a DEMO VM, I ran into a scenario where Microsoft SQL Server Reporting Services (SSRS) reports were showing label IDs instead of text. Since everything was on the same box I opened Event Viewer and looked at Windows Logs > Application to see any related errors. The error that got my attention was

AXRDCE The AXRDCE extension caught an unexpected exception for report CustBasedata.Report.
The error message was:
A call to the Microsoft Dynamics AX SRSFrameworkService service failed. The clocks on the client and server machines are skewed.

Doing a quick search online showed that there was an issue with time synchronization.

To resolve I ran the following command [net time /set /yes] and restarted SQL Server Reporting Services service.

Reference: NET TIME and w32time