Someone can correct me if I am wrong but an Ascot is essentially a cravat worn another way. I have cravats that I could tie as a Victorian cravat--around a wing (what Brooks Brothers called a "Newmarket") or upright collar--and another day wear under my shirt as an ascot. And no one would be able to tell the difference.

In fact, Puffer's reference above calls them "Handmade Ascot Cravats."