Yes, That's okay too, though I do prefer to have the indent level reflect the number of currently open parens. So:

if( some_return_value = some_function(
        some_variable, some_other_variable,
        and_yet_another_variable, and_one_more_for, luck
)) {
    // do some stuff here with some_return_value 
} else {
   // report or otherwise handle the error 
}
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but sensible length variable names (and camelCase :) are better.

if( someRV = someFunc( some, someOther, yetMore, oneMore4, luck ) ) {
    // do some stuff here with some_return_value 
} else {
   // report or otherwise handle the error 
}
[download]