In a lot of my projects I use my own created language package. The language package manages different pieces of text for multiple languages at the same time. The text is stored in xml files which can be edited later without having to recompile the flash application. It also allows you to switch between different cultures dynamically.
Even though it was already a lot easier to edit text after an application was published, a lot people that had to edit the xml files had trouble doing it correctly, which caused corrupt xml files. Thats the reason why I created the LanguageTool which allows a more visual way of editing and doesn’t allow for mistakes to happen. It is still work in progress, but it should function just fine. There is an update function in the application which lets you check for updates. Download the language package, tool and example here.