Not sure if this is a great way to fix this issue...
This is what I did and seems to work fine... Again I dont think this is a fool proof solution but I checked in various time zones (with / without daylight saving time) and it seems to work......
var dateVal=dateField.replace(/-.*\)/g,')');
var date = new Date(parseFloat(dateVal.substr(6)));
var dateArray=date.toString().split(" ");
var timeZone="(Local Time)";
if(dateArray.length>3){
timeZone=("("+dateArray[4])+")"
}
var date2=dateField.split("-");
var dateOffset=(date2[1].toString().replace(")","").replace("/",""));
if( date.toString().toUpperCase().indexOf("DT")!==-1){
date.setHours(date.getHours()-(parseFloat(parseFloat(dateOffset).toString().replace(/0*$/, ''))+2));
}else{
date.setHours(date.getHours()-(parseFloat(parseFloat(dateOffset).toString().replace(/0*$/, ''))+1));
}
var month=date.getMonth() + 1;
var year=date.getFullYear();
var dateValue=date.getDate();
var hours= date.getHours();
var minutes= date.getMinutes();
var seconds=date.getSeconds()
var finalDateStr=(year+"-"+month+"-"+dateValue)+" "+hours+":"+
minutes+":"+seconds+" "+timeZone;