The correct spelling for the word is "island," despite the misleading "-land" suffix. The reason for the seemingly unnecessary "s" is due to the word's etymology. It comes from the Old English word "īegland," which was pronounced with a "y" sound in the middle. As the language evolved, the "y" sound transformed into an "i," but the "s" sound remained. Therefore, the IPA transcription for "island" is /ˈaɪlənd/.