>>It's not the last value in the IDENTITY column but the last IDENTITY value generated for a specified table. To get the last value in the column you'll have to run a query with MAX() on that column.
>
>I get it. I only use IDENTITY for a PK column so in my case I have only one IDENTITY per table. In this case doing MAX() on the column and IDENT_CURRENT would give the same result, right?

First, you can have only one IDENTITY column per table.
They may not. The next IDENTITY value is generated outside of any transaction. If the transaction that causes next value to be generated is rolled back than that value will not make it in the table.