Yes, they have Accelerated Reader and Accelerated Math. DD6 does both of these as "extra" activities at school, probably 1-3 times per week. I don't think it's graded. She really likes AM. Doesn't talk as much about AR but I think she enjoys it, too.
The reading homework is a whole different thing. I doubt she could do AR in place of it. She needs to have some kind of reading work, something challenging she practiced at home, to bring in and read every day--like the other kids do. Teacher is willing to let her work ahead and do some things separately, but doesn't want DD to be completely doing her own thing. She (teacher) already gets questions from the other kids about why DD doesn't have to do math with them, why she gets to check out chapter books from the library, etc.
