Over Christmas last year I was fortunate enough to work on a chapter for the New Riders book Flash MX Magic. The chapter has recently been chosen by their sister company, InformIT, to appear on their website under the title, Keeping Track of Time with Flash MX. If you have any questions regarding it you can leave comments at the bottom of this post.
Entitled TimeZones, the chapter deals with the distinction between local Dates and UTC Dates in Actionscript. Whilst building the TimeZones application you learn about the history of timekeeping as well as tips on programming Date and time with Actionscript.