The Assyrian flag consists of a golden circle at the center which represents the sun. By its exploding and leaping flames it generates heat and light to sustain the earth and all it's living things.

The four pointed star surrounding the sun symbolizes the land, its light blue color means tranquility.

The wavy stripes extending from the center to the four corners of the flag are the three major rivers of our homeland, namely Tigris, Euphrates and Zawa.

The dark blue represents Euphrates which stands for the Assyrian word Prat meaning Per-U-Ta = abundance.

The red stripes represent Tigris, it's blood red hue stands for courage, glory and pride.

The white lines in between the two great rivers is Zawa, it's white color stands tranquility and peace.

Some interpret the red, white and blue stripes as the highways that will take the scattered Assyrians back to their ancestral homeland.

Above the blue star is the image of the Assyrian god Assur, who is guarding the country the flag and the nation it represents.

On top of the flagstaff is the standard of King Sargon I, who established the first Assyrian empire. During the ancient times this insignia stood by the king's side to let everyone know his whereabouts.

Adapted from http://www.aina.org/aol/flag.htm