Here, you can look at how Flash handles layered Photoshop files (PSD). I will show you all the process step by step to import PSD into Flash CS3.
First you have to examine as image in Photoshop and check some preferences, and then you can import the PSD file into Flash.
First we see that how to set preferences in Flash CS3.
1) Open Flash -> Add New file (Action Script 3 or 2)
2) Now, Edit menu, click on Preferences or Ctrl + U
3) In Preferences Pop up window, Click PSD file Importer so here you can customize your option when you import PSD file, finally click OK
Now we see the steps for importing PSD file
1) Select file menu, click on import and select Import to Stage or press Ctrl+R
It open pop window for importing PSD file, select your PSD file path to import.
After selecting path, your layered psd file import layers by layers
You can see all layers of your PSD. When you are importing, you have to insert instance name for your layers for future use, and last click on OK.
So now you can see in flash, PSD image should be arranged with layers by layers.