Problem with __ASM

I'm trying to access the cpsr on the arm, so I wrote the following code (actaully copied the assembly part out of the help file on MRS):

__asm {MRS   R0, CPSR}

It gives me the following error:

compiling armVIC.c...
*** MRS   R0, CPSR
ARMVIC.C(28): error C197: inline-asm: undefined identifier
*** MRS   R0, CPSR
ARMVIC.C(28): error C197: inline-asm: Syntax error

Can someone point out to be the problem with this. It seems straight forward.

Thanks,
Peter