As the countdown clock gives the time down to actual minutes, I assume you meant it to be accurate to at least hours. 
Since it apparently uses local computer time indiscriminately, it shows about 7 hours differently depending on if I configure my clock to my own timezone (Norway) or a timezone in the US.
UTC looks doable from Flash Player 9, though: http://help.adobe.com/en_US/AS3LCR/Flash_10.0/Date.html
