Getting last Identity value inserted in a table

Suppose we have a table with an identity field. Someone adds a record and wants to retrieve the value of the identity field from the just added record. I have seen code like this:

BEGIN TRAN

.... INSERT data

select newlyAddedID from table

END TRANS

In other words, they think that surrounding the INSERT and SELECT in a transaction insures they will get the correct value (even when other apps are updating this table).

Is this approach sound?

TIA,

barkingdog

Immediately after your insert, do:

SELECT SCOPE_IDENTITY()