Final answer:
A flashing FAULT light on the ADIRS panel's IR light indicates a malfunction in the aircraft's Inertial Reference system, akin to a car's dashboard warning, alerting the pilot to a possible issue that requires attention.
Step-by-step explanation:
A flashing FAULT light on the IR light of an ADIRS panel indicates a malfunction in the system. ADIRS stands for Air Data Inertial Reference System, which is an essential component in modern aircraft, providing critical flight data such as airspeed, altitude, and attitude to the pilots. When observing the ADIRS panel, a FAULT light in the IR indicates there is an issue with the Inertial Reference part of the system, which could be due to a number of reasons like a system failure, a power interruption, or incorrect system initialization. In such cases, pilots refer to the aircraft's standard operating procedures to rectify the issue.
Comparing this situation to examining headlights on your car, one would notice that specific warning indicators inform the driver of potential issues which should not be ignored. It is imperative not to look directly at very bright light sources to prevent eye damage just as one must heed safety warnings on an aircraft's systems.