The acid value is a measure of free fatty acids in oils and fats, indicating hydrolysis of triglycerides. It is determined by titrating a sample dissolved in ethanol and ether against potassium hydroxide. A higher acid value means more free fatty acids have formed due to rancidity caused by chemical and enzymatic hydrolysis over time and poor storage conditions. The acid value gives an indication of a fat or oil's age and extent of deterioration.