ACES is the Academy Color Encoding System and developed by the Academy of Motion Picture Arts and Sciences. ACEScg is the version of the ACES encoding system for computer graphics, widely adopted in the industry. It has become the industry standard, because compared to sRGB, ACEScg works with a lot more color information, illustrated in this gamut graph.
V-Ray 5 comes with an implementation of the ACEScg out of the box and in this tutorial we explain the rendering setup in V-Ray for Maya in this color space. There are two ways of setting up ACEScg for rendering and display: manually and using an OCIO configuration.
V-Ray supports only ACEScg as the primary color space of choice in CGI and not other ACES color spaces such as ACEScc or ACEScct.