AFAIK, it is different between 3.0 and 3.5.
In 3.0, physical amor, physical shield, bracers of armor, mage armor spell, all provide Armor Bonus. So basically, they don't stack. But physical armor and physical shield are noted as special exception which do stack.
So in 3.0, if you are wearing Bracers of Armor +5 and +3 Large Shield, you get only +5 Armor Bonus in total.
Now, in 3.5, you get Shield Bonus instead of Armor Bonus, from physical shields and some spells. So in 3.5, if you are wearing Bracers of Armor +5 and +3 Large Shield, you get +5 Armor Bonus and +5 Shield Bonus to your AC, +10 in total.