The AS3 Number class conforms to IEEE 754, and is identical to the Javascript number class.
Rather than search for AS3 libraries, I dug around for some Javascript code that should work with only minor modification in AS3.
On this site I found this rather high-density float parser:
p.decodeFloat = function( data, precisionBits, exponentBits ){
var b = new this.Buffer( this.bigEndian, data );
b.checkBuffer( precisionBits + exponentBits + 1 );
var bias = Math.pow( 2, exponentBits - 1 ) - 1, signal = b.readBits( precisionBits + exponentBits, 1 ), exponent = b.readBits( precisionBits, exponentBits ), significand = 0,
divisor = 2, curByte = b.buffer.length + ( -precisionBits >> 3 ) - 1;
do
for( var byteValue = b.buffer[ ++curByte ], startBit = precisionBits % 8 || 8, mask = 1 << startBit; mask >>= 1; ( byteValue & mask ) && ( significand += 1 / divisor ), divisor *= 2 );
while( precisionBits -= startBit );
return exponent == ( bias << 1 ) + 1 ? significand ? NaN : signal ? -Infinity : +Infinity : ( 1 + signal * -2 ) * ( exponent || significand ? !exponent ? Math.pow( 2, -bias + 1 ) * significand : Math.pow( 2, exponent - bias ) * ( 1 + significand ) : 0 );
};
If you prefer your code to be debuggable as well as functional, you may find this code to be more helpful instead.