The International Phonetic Alphabet (IPA) serves to systematize phonemes in language, enabling precise textual representation of pronunciation. In Bengali phonology and phonetics, ongoing scholarly deliberations persist concerning the IPA standard and core Bengali phonemes. This work examines prior research, identifies current and potential issues, and suggests a framework for a Bengali IPA standard, facilitating linguistic analysis and NLP resource creation and downstream technology development. In this work, we present a comprehensive study of Bengali IPA transcription and introduce a novel IPA transcription framework incorporating a novel dataset with DL-based benchmarks.