It is really easy to create a Timer in Actionscript 3.

Instantiate the Timer Class and pass a time in millions of 1000 to it to work in seconds.

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var myTimer:Timer = new Timer(1000);

Setup an event listener to call a function.

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myTimer.addEventListener("timer", myTimerEventHandler);

Start the Timer.

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myTimer.start();

Start the Timer.

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function myTimerEventHandler(event:TimerEvent):void {
  trace(myTimer.currentCount+" seconds have passed.");
}

So altogether we have this.

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var myTimer:Timer = new Timer(1000);
myTimer.addEventListener("timer", myTimerEventHandler);
myTimer.start();
function myTimerEventHandler(event:TimerEvent):void {
  trace(myTimer.currentCount+" seconds have passed.");
}

Now you know how to use a Timer in Actionscript 3.