The change will come into effect following a launch of the new brand at the IRB's World Rugby Conference and Exhibition on November 17-18.
IRB officials insist that the move will not alter the branding of next year's rugby union World Cup, which starts in England on September 18 2015.
And IRB chairman Bernard Lapasset is confident that the decision to rebrand the organisation will have a positive impact on the sport's development.
Lapasset said: "Rugby continues to thrive, reach out and engage new audiences and participants in record numbers and the IRB has been at the heart of that growth.
"We are committed to furthering that growth beyond our traditional family and fan base with a public that expects to be entertained, informed and interacted with.
"This move is more than just a name change, it is a mission statement."