For a locally compact group $G$, let $A(G)$ be its Fourier algebra, let $M_{cb}A(G)$ denote the completely bounded multipliers of $A(G)$, and let $A_{\mathit{Mcb}}(G)$ stand for the closure of $A(G)$ in $M_{cb}A(G)$. We characterize the norm one idempotents in $M_{cb}A(G)$: the indicator function of a set $E \subset G$ is a norm one idempotent in $M_{cb}A(G)$ if and only if $E$ is a coset of an open subgroup of $G$. As applications, we describe the closed ideals of $A_{\mathit{Mcb}}(G)$ with an approximate identity bounded by $1$, and we characterize those $G$ for which $A_{\mathit{Mcb}}(G)$ is $1$-amenable in the sense of B. E. Johnson. (We can even slightly relax the norm bounds.)