Yes of course, ieps for areas of high ability are identical to those for other special educational needs, so googling 'ieps for sn' will give you more info than you can handle. 
Essentially, there will be targets, which should be 'smart' (lots of info about smart targets for ieps via google), and as she's yr 1, they should be reviewed six monthly. Best practice is termly, but it isn't necessary for her age group (yr r still termly).
They are a good tool if the school aren't differentiating, as it helps them look at areas of focus, but tbh an iep isn't at all essential if differentiation forms a normal part of the school day.
Tbh, an iep which covers literacy will probably just cover most of the stuff they are doing anyway -access to other levels of books etc, and extended writing and comprehension work. They might decide to let her go up to yr 2 for some of the guided reading or whatever. Or (the usual) just get her to write book reviews for her homework. I have to say that infant extension work is fairly predictable. but I'd love to hear if they come up with some interesting ideas!
As an aside, usually parents are invited to the iep review. In practice, iep review for g&t kids is quite often assimilated into the normal parents evenings. But do ask for a sep interview if you feel the need. Some schools do decide to run an iep review day twice a year as well.
But google is your friend.
We've seen quite a lot of ieps and ipps here. I have to say I don't get particularly excited by them -a lot can be v generic. If school are differentiating appropriately there is little need for the additional paperwork. But if they aren't, then make sure the iep is well written and 'smart'.