onClipEvent(load) and AS3.0

I have been looking for the correct event that replaces the AS2.0 onClipEvent(load) in AS3.0. Basically I just want to run some code when a movie clip has been initialized on the stage.

The only thing that seems to do the job is the event RENDER. Although it seems to work with empty movie clips I am still unsure that it is the correct event.

example code:

myMovieClip.addEventListener(Event.RENDER, myMovieClipInit);

function myMovieClipInit(event:Event){
   // initialization

Any thoughts ?