Thanks for the responses. I will take a look at IOWA Acceleration Scale and decide after going through it.
@herenow, the teacher suggested red-shirting as my child was having issues paying attention but at the same time she also agreed that she doesn't have enough in the classroom to keep him engaged\challenged for the next year so we couldn't figure out what to make out of it and we decided to continue moving him and school did not object. It infact worked out well. Looking back, I feel that we made the right decision.
I am skeptical about the subject acceleration as I as a person do not know how to effectively advocate for it and I do not know if a teacher will differentiate within the classroom - talking to a few people it is most likely that they won't, hence thinking about grade acceleration.
As far as his reading is concerned, I do not feel he got challenged there enough, he just waited for other kids to catch up. We were happy that as long as he is challenged in other areas and is not complaining he will be fine. Now I get a sense that he got so bored that he lost it somewhere in between. But he kept doing well so we did not even notice. I don't want the same thing to happen with math. He is doing great and I suspect that he will continue meeting the bar even if he'll start losing interest in math and we will not notice.
