AS3 - Isometric matrix transformation.

gistfile1.as

const DEGRAD:Number = Math.PI / 180;

var iso:Matrix = new Matrix();
iso.rotate( -45 * DEGRAD ); // rotate anti-clockwise by 45 degrees
iso.scale( 1.0, 0.5 );      // scale vertically by 50%
iso.translate( 100, 100 );  // set position if needed

displayObject.transform.matrix = iso;