Yes, this is a 24" 4K monitor with an IPS panel.
Seemingly, Dell has launched a 24" Ultra-HD monitor, the UltraSharp UP2414Q. Alongside this, it seems that Dell is also working on a 28" Ultra-HD monitor, the P2815Q.
The 24" UP2414Q will have a 4K resolution (3840 x 2160) and should cover up to 99 percent of the AdobeRGB color spectrum, as well as 100 percent of the sRGB spectrum. It also features a static contrast ratio of 1000:1, an 8 ms gray-to-gray response time, along with 178/178 degree viewing angles. It also comes with a factory calibration, so it leaves the factory with a Delta-E of less than 2. Connectivity-wise, the display has a 4-port USB 3.0 hub, a card reader, HDMI, DisplayPort and mini DisplayPort connectors.
Dell has priced the UP2414Q at $1,399.
There are few details available on the 28" model, but expect it to be available sometime early next year.