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IV stands for individual values. they're set values on a pokemon and help out in Wifi battles (i think it goes as giving you the extra stat boost) there's a max of 31 in each stat
31/x/x/x/x/x
hp, atk, def, sp atk, sp def, spd
by battling at level 100 with an UT (untouched pokemon) you can figure out a pokemon's IV by inputting them in a IV calculator. just submit the stats at said level and the nature and it will figure out the IV and hidden powers type and strength.
i usually go to this one to figure everything out. there's also an FAQ on the site as well if you have any more questions
I can link you to this very useful thread in the Strategies and Movesets forum that explains all about IVs and the Hidden Power types they correspond to. But, since this trhead doesn't really belong here, I have to close it.