Behavior of IBSET

Consider the following program:

program test
print*,ibset(1,65)
end program test

Here's the result:

$ ifort -o test test.f90
$ ./test
           3
$ ifort -V
Intel(R) Fortran Intel(R) 64 Compiler XE for applications running on Intel(R) 64, Version 13.0.1.117 Build 20121010
Copyright (C) 1985-2012 Intel Corporation.  All rights reserved.
FOR NON-COMMERCIAL USE ONLY

Shouldn't the compiler throw an error in such cases?