Preserve .psd layers to .png for Flash?

I have seen MANY posts regarding this issue but am still puzzled. I want to bring Photoshop7 interfaces into Flash MX 2004. I know I can, “Save as Webpage” and choose .png with transparency checked. When I open .png in any ap, all layers are flattened.

Is there a way to preserve layers and effects (ie. shadows, bevels, etc.) from .psd to .png. for use in Flash WITHOUT having to flatten everything? If it can’t be done this way, how should the workflow go? Export all webpage elements that never move as one flat image… then, export each button etc. one at a time?

Thanks for any clarity.

-APB