Aces is an acronym for Academy Color Encoding System. It is a set of standards developed by the Academy of Motion Picture Arts and Sciences (AMPAS) to provide a consistent color profile based on the Color-Encoding System (CES) for film and video. It encompasses end-to-end color workflows, from camera to display, ensuring the integrity of color-managed imagery across a variety of formats and systems.
Aces provides controls for numerous aspects of color, such as luminance, contrast, and color gamut. It also supports color management in linear, log-encoded, and non-linear environments, allowing for a unified color space regardless of the processing environment. This allows for quicker and more accurate color correction for both film and digital footage.
Aces is particularly useful for editing and color grading, allowing editors to get more consistent looks from their footage and control more aspects of color more precisely. Aces-based editing and grading systems allow for much faster turnaround times and a more efficient workflow.
Overall, Aces provides a more consistent, reliable, efficient and accurate way to work with color in the context of editing and color grading.
Links:
https://en.wikipedia.org/wiki/Academy_Color_Encoding_System
https://www.ampas.org/publications/aces-public-ansi-standard-version-1
https://www.blackmagicdesign.com/support/story/17203