The last couple of airlines I've flown with have been a little different to that, but not too much -
Intercept the localiser with flaps 10.
1 1/2 dots high on the GS, go flaps 20.
With flaps 20 set, go gear down.
Once stabilsed on the ILS, all that is required is to be stabilised with landing flap (30° with all engines for us, though some non-normal procedures call for 25° final flap) by 1,000' agl.
If you're not stable by 500' agl with the engines spooled-up, then that's an automatic go-around.