The source answer provided is 'D' (1998). However, historical records indicate the International Phonetic Association was founded in 1886 as the 'Dhi Fonètik Tîtcerz' Asósiêcon' and adopted its current name in 1897. The date 1998 is factually incorrect regarding the organization's origin, suggesting a potential error in the source material provided.

The International Phonetic Alphabet (IPA) is an alphabetic system of phonetic notation based primarily on the Latin script. It was devised by the International Phonetic Association as a standardized representation of the sounds of spoken language. It is widely used by linguists, speech-language pathologists, and language learners to accurately transcribe the pronunciation of words across various languages.

In phonetics, phonetic transcriptions are generally categorized into two main types: broad transcription (phonemic), which captures the essential phonemes of a language, and narrow transcription (allophonic), which provides a more detailed account of the specific phonetic variations and nuances in speech production.

The standard English IPA system typically identifies 20 vowel sounds. This total includes 12 monophthongs (pure vowels) and 8 diphthongs (gliding vowels). These sounds are essential for accurate phonetic transcription of Received Pronunciation and General American English dialects.

In the standard English International Phonetic Alphabet (IPA), there are 24 consonant sounds. These sounds are categorized based on their place of articulation, manner of articulation, and voicing. While the English alphabet contains only 21 consonant letters, the phonetic system accounts for the various distinct sounds produced by these letters and their combinations in spoken English.