With IPM off the IAP-315 will apply some minor restrictions when the POE source is 802.3af (15.4W): USB port disabled and max power on 2.4GHz reduced by 3dB.
That should not result in an amber LED (given that these restrictions are not considered very relevant), but depending on software code version the AP may actually put the LED in that mode. What code are you running?
When IP is enabled, all restrictions are initially removed and the LED should for sure be green. It could turn amber if the actual (measured by IPM) power consumption of the AP approaches the max budget from an 802.3af source. That is extremely unlikely though for an IAP-315.
Finally, with an 802.3at POE source, the LED should always be green, regardless of IPM status.