Adobe Flash Player 10.3 was released last month for Android and other Operating Systems.An update for Flash Player 10.3 for Android is available for a download the build is 10.3.185.24.
The new Flash Player 10.3.185.24 comes with new security enhancements and has support for Android 2.2 (Froyo), 2.3 (Gingerbread), and Android 3.01 (Honeycomb) devices.
Fixes and Enhancements for Flash Player 10.3.185.24
Enabled NEON optimizations for OMAP4 (Cortex A-9) based devices. (2853030)
Corrected an issue on the Samsung Galaxy S where H.264 video at resolutions of 720p and below was not displayed. (2852889)
Fixed an issue where app packaging would fail for Android Apps using Flash Player in WebView that set android:hardwareAcceleration to True in their AndroidMainfest.xml. (2834793)
Fixed a crash on the HTC EVO that some users encountered with specific video. (2855425)
Fixed an issue that caused video frames to stop rendering on long streaming videos (> 1 hour) on some Motorola devices. (2855957)
Fixed an issue where touch events were getting delayed with Kongregate.com games. (2874651)
Fixed an issue where games on Kongregate.com freeze when users exit from Full-Screen mode. (2874640)
If you want to read more then go through the release notes.
Download Flash Player 10.3.185.24 for Android
Flash Player 10.3.185.24 for Android from Market