We analyse the performance of a communication link assisted by an intelligent reflective surface (IRS) positioned in the far field of both the source and the destination. A direct link between the transmitting and receiving devices is assumed to exist. Perfect and imperfect phase adjustments at the IRS are considered. For the perfect phase configuration, we derive an approximate expression for the outage probability in closed form. For the imperfect phase configuration, we assume that each element of the IRS has a one-bit phase shifter (0°, 180°) and an expression for the outage probability is obtained in the form of an integral. Our formulation admits an exact asymptotic (high SNR) analysis, from which we obtain the diversity orders for systems with and without phase errors. We show these are N + 1 and (N + 3)/2, respectively. Numerical results confirm the theoretical analysis and verify that the reported results are more accurate than methods based on the central limit theorem (CLT).