Define public variable in main application for eg,
public var dataValue : String = "Hi";
Assign value to the dataValue in the SWC component file using FlexGlobals as:
FlexGlobals.topLevelApplication.dataValue = "Hello Friend";
Now, trace the value in the event handler in main application which handle event dispatched from SWC. Will get update value of dataValue.
Awesome! Thanks so much for the intuitive explanation Bharat...much appreciation from the n00b(i.e.: me )!
This works great,