Flow of Asset Item with project expenditure, payable and purchase module need clarification

The following asset flow needs clarification regarding asset item process,

PO(Purchase & receipt) ---> AP (Payables & payment) ---> PA (Project expenditure & captilization) ---> FA (Fixed Asset)

Q1. Is the above flow compliance IFRS or GAAP accounting standard? If yes please provide me any document link

Q2. My logistic/inventory department want to transfer asset item when receipt immediately? according to the above flow, it would not be possible until and unless we create an invoice and capitalized the asset item. If we use an asset tracking module even then we have to follow PA-->FA. What would be the correct solution within ERP ?