You might be on to something there, so thanks for that. I've just checked the service record again and found a couple of other places where ACR codes are used - see attachments.
The first attachment shows the education and qualifications, with his former occupation of motor car designing being assigned an ACR123 (or possibly ACR/23) code. He worked as a motor car designer from 1906 to 1914/15, so I can't see how that relates to the time period unless he didn't receive recognition for that until 1923.
The second attachment is an extract from his medical board notes; I've omitted the medical condition, but you can see the board dates, classification and remarks - the latter has ACR references i.e. ACR 1925, ACR 1926-1934 and ACR 1935 and these correspond with the dates of the medical conditions.
I've searched for the ACR acronym but haven't found anything definite. The closest was "Appointments, Commissions & Rewards" that I found on a Canadian air force website.