Moved to 'Flash Pro CC' forum from 'Using Flash Player' forum.
That is correct. Adobe removed the feature, aka inverse kinematics. It was deprecated as of Flash CC. If you did (still) have Flash CS6 you'd be able to use it.
You can see this post for a list of other deprecated features: Bone Tool not appearing
Motion Editor has been added back to Flash CC 2014. Make sure you're using the latest version.
The motion editor is different than the bone tool. The bone tool was one of a handful of animation features that was deprecated, another was the motion editor which is now back in (in a redesigned form).
As mentioned by other folks, now we have a new and redesigned motion editor in Flash Professional CC 2014.
Please refer Flash Professional Help | Editing Motion Tweens using Motion Editor to explore the new Motion Editor in Flash Professional CC 2014.