Macromedia flex 2 Manual

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Creating Advanced Visual Components in ActionScript
However, if a child component dispatches an event, and you want that opportunity to handle 
the event outside of the component, you must add logic to your custom component to 
propagate the event. Notice that the event listener for the 
change
 event for the TextArea 
control propagates the event. This lets you handle the event in your application, as the 
following example shows:
<?xml version="1.0"?>
<mx:Application xmlns:mx="http://www.adobe.com/2006/mxml" 
xmlns:MyComp="myComponents.*">
<mx:Script>
<![CDATA[
import flash.events.Event;
function handleText(eventObj:Event)
{
...
}
]]>
</mx:Script>
<MyComp:ModalText changed="handleText(event);"/>
</mx:Application>
Creating the ModalText component
The following code example implements the class definition for the ModalText component. 
The ModalText component is a composite component that contains a 
Button
 control and a 
TextArea
 control. The following image shows this control:
This control has the following attributes:
You cannot edit the TextArea control by default.
You click the Button control to toggle editing of the TextArea control.
You use the 
textPlacement
 property of the control to make the TextArea appear on the 
right side or the left side of the control.
Editing the 
textPlacement
 property of the control dispatches the 
placementChanged
 
event. 
You use the 
text
 property to programmatically write content to the TextArea control. 
Editing the 
text
 property of the control dispatches the 
textChanged
 event. 
Editing the text in the TextArea control dispatches the 
change
 event.