//trace(new Date("2010/05/03T14:14Z")); ----> this will error 'invalid date'

var isoDate = "2010-05-03T14:14Z";

//this will remove the T and Z
var date = isoDate.replace(/[A-Z]/gi," ");

//this will replace the hypens with forward slashes
date = date.replace(/\-/gi, "/");

//this casts the string to date and creates the correct date object
trace(new Date(date));

probably not the best way but easy enough

iso 8601 to as3 date object

date

ActionScript 3