Acid value refers to the number of milligrams of potassium hydroxide needed to neutralize the free acid in 1g material. The acid value reflects the content of free acid in fat.
Iodine value refers to the number of grams of iodine consumed when 1g material is added with iodine. Iodine value is an index used to determine the unsaturation of oil or fat, and thus to measure the properties of fat.