Ok, I think you are onto something here orth. Brilliant thinking as always. Here is what I found out.
When naked my AC is 14. When I shift and then cancel, my AC is still 14.
When wearing AC enhancing boots and cloak, my AC is 18. When I shift and cancel, my AC is still 18.
When wearing AC enhancing jewelry, my AC is 17. When I shift and cancel, my AC is still 17.
When naked and with barkskin, my AC is 19. When I shift and cancel my AC is still 19.
When naked and with shield equipped, my AC is 19. When I shift and cancel my AC is still 19.
When wearing only armor, my AC is 20. When I shift and cancel my AC drops to 16.
When wearing armor and other AC enhancing items, my AC is 24. When I shift and cancel, my AC drops to 20.
So, it seems pretty clear that the issue is with the armor. When I cancel the shape somehow 4 AC points is taken away from my natural AC, but only when wearing armor. I say my natural AC because even when I take off the armor, my naked AC also drops by 4, from 14 to 10. If I shift and cancel again, it will take away another four. Re-equiping the items will not bring back the 4 lost AC points. Only re-logging will.
I'm not sure if you need this information, but my current armor is "Ancient Dire Bear Hide Armor."
Thanks for looking into this orth. If you need any other information, just let me know.
Much respect,
Rhizome