Browsers best support the window mode for the wmode parameter, also in terms of accessibility.
As it is the default mode, it is acceptable to either not specify a wmode parameter altogether, or to set it explicitly to window.
The following code illustrates this rule:
<object classid="clsid:d27cdb6e-ae6d-11cf-96b8-444553540000" width="550" height="400"> <!-- Compliant -->
<param name="movie" value="movie_name.swf" />
</object>
<object classid="clsid:d27cdb6e-ae6d-11cf-96b8-444553540000" width="550" height="400">
<param name="movie" value="movie_name.swf" />
<param name="wmode" value="direct" /> <!-- Non-Compliant -->
</object>
<object classid="clsid:d27cdb6e-ae6d-11cf-96b8-444553540000" width="550" height="400">
<param name="movie" value="movie_name.swf" />
<param name="wmode" value="window" /> <!-- Compliant -->
</object>
<embed src="movie_name.swf" <!-- Compliant -->
width="550"
height="400"
type="application/x-shockwave-flash"
pluginspage="http://www.macromedia.com/go/getflashplayer" />
<embed src="movie_name.swf"
width="550"
height="400"
wmode="direct" <!-- Non-Compliant -->
type="application/x-shockwave-flash"
pluginspage="http://www.macromedia.com/go/getflashplayer" />
<embed src="movie_name.swf"
width="550"
height="400"
wmode="window" <!-- Compliant -->
type="application/x-shockwave-flash"
pluginspage="http://www.macromedia.com/go/getflashplayer" />