First point: a lot of students get "accelerated" by their parents as a way of improving their academic performance and aiming the toward an elite college. Of course you look outstanding in school if you have covered the material a year before at the local cram center. These "accelerated by rote" students memorized the multiplication tables early, so they were put in "advanced math"... but their rate of comprehension is ordinary. Their problem solving skills are ordinary. They took "advanced math" in summer school so when they take the course in the ordinary school year they have a leg up. I don't think this has to be bad, but it's not the "gifted acceleration" and can be tough on these students if expectations are that they are "fast".
A second point: acceleration traditionally means moving through the same material faster. If you have a gifted child PLEASE work with them on a breadth of things, don't just race them through multivariable calculus. Math contests are a good source of broader problems. Art of Problem Solving gets a huge shout-out for what is now years and years of acceleration and enrichment material. Look at them if you are a parent in this situation. (Actually, they are suitable for self-study.)
Edit: I am all in favor of kids learning new things as fast as they want. I don't see racing through the standard curriculum (in any country) as a route to happiness.
Random brain-stimulating math book: Donald Knuth, "Surreal Numbers".