A two-step sequence for the asymmetric vicinal acylation of olefins by a [2+2+1] strategy is reported. The key reaction is a [2+2] cycloaddition of an olefin to a chiral keteniminium salt derived from N-tosylsarcosinamide. This is followed by a regioselective Baeyer-Villiger oxidation of the resulting cyclobutanone to yield a lactol derivative that is equivalent to the product of addition of a carboxyl and a carbonyl group to the olefin. N-Tosylsarcosinamides derived from prolinol methyl ether and 2,5-dimethylpyrrolidine gave the best yields and diastereoselectivities. Five- and six-membered cycloolefins only gave cis products as expected. With seven- and eight-membered rings and cis 1,2-disubstituted acyclic olefins, partial or complete epimerisation of the cis to the trans adducts was observed. Facial selectivities were generally good except for terminal olefins. The oxidation step proceeded in high yields to give crystalline compounds which could usually be obtained in enantiopure form by simple recrystallisation.