Lard is rendered animal fat, while shortening typically refers to hydrogenated vegetable oil such as Crisco. 

They are interchangeable for baking, aside from some minor differences in some applications: 
* Vegetable shortening is obviously vegetarian friendly, and it also melts slower than lard, which means it can make more stable frosting. 
* However, generally speaking, lards are more flavorful than vegetable shortening due to being animal fat.
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