It should be pretty straightforward.
Usually we go through the form and discuss which bits are still relevant/valid and which bits need to be changed.
Sometimes a target will have already been met and so a new one will be added. We discuss possible targets based on how things are going at school or at home.
Sometimes a target will need to be broken down further or otherwise adapted to make it more achievable. And there will be other times when my child is making good progress with a target but just needs a bit more time to achieve it.
There's a section about what outcomes the parents would like for their child, eg what you think they might want to do when they're older.
My child is a teenager so will usually join the meeting at some point to give their own thoughts and opinions. That may be different for younger children.
The invitation letter will often have a list of people who have been invited but generally the only people usually there at ours are me, the teacher and later my child. (This is a special school though so the SENCO would usually attend if it's mainstream).
Ours tend to be more of a general chat than a formal meeting.