I was seeing a FAIL message on the display of our 2005 Bombardier Outlander when I was increasing the throttle. After some searching around online I found that the Voltage Regulator is failing. According to the shop manual for the Outlander 400, the Voltage Regulator should allow for 15 Volts DC while the engine is running. Ours was putting out around 19 Volts DC. This seems to be a common problem for the 2004-2005 Outlander 400. I found a inexpensive replacement on Amazon from Coilspec for $35 with free shipping. This fixed the problem and took about 5 minutes to change out.
If you have this same problem, here is a link to the part I purchased on Amazon. CoilSpec Outlander 400 Voltage Regulator