IF you design the flanges using ASME Section VIII, Division 1, Appendix 2, then it is the only way. The same is true for Division 2, Article 4.16.
As a note, in designing flanges, you don't actually calculate a bolt torque, you calculate a bolt load. Based on that load, you check your flange design to determine if it is acceptable. For Division 1 flanges, make sure to note Appendix S.