The IRV organises the Individual and Team World Championships and the IRV Academy, aiming to offer innovative platforms and opportunities to spread wheel gymnastics to all five continents in the world. It is also responsible for the International Code of Points and certification of international judges. The IRV is registered in Switzerland and has an Executive Board and Technical Commission comprising representatives from different countries who work on a voluntary basis to pave the way forward for the federation.

There are two forms of competitive wheel gymnastics: Gym Wheel (a wheel with two rims, rungs and handles) and Cyr Wheel (a wheel with only one rim and no handles). Gym Wheel has three competitive disciplines: straight-line, spiral and vault, while Cyr Wheel competitions (which were added to the IRV World Championships from 2013) consist of a technical and an artistic programme. Both forms of wheel gymnastics captivate audiences with their innovative acrobatics and artistic expression in a rolling apparatus.