I.e.: As soon as an item/product is Invoiced or Receipted in Intacct can it automatically create an asset in Asset Accountant?
Yes!
AA can detect assets in Sage Intacct by connecting to the Clearing Accounts that you specify in your Asset Groups in AssetAccountant.
There's a video here that outlines the whole process: https://asset-accountant.com/file/QgqxErRQ2P