Facebook advertisers who are buying and running media, components that influence delivery (including targeting and bid) are moving to the ad set level in order to bring greater transparency to delivery predictability.
Before, targeting and bid info was required at either the ad or ad set levels. But from today March 11th, 2015 these fields will be required on the ad set level and no longer available on the ad level.
Targeting at the ad set level will also no longer support action spec targeting.
Bid info will now be available at the ad and ad set level. After March 11th, 2015 it will be required at the ad set level and optional at the ad level. In Facebook interfaces excluding Power Editor, it will only be available at the ad set level.
If you have not migrated ads into an adset with targeting and bid info, your existing ads will continue running at your current configuration – but you will not be able to modify neither targeting nor bid settings.
Reports are unchanged.