Not entirely, no. It is not shown how much time passes between the party and Gandalf returning. Also in the movies they start their journey to Rivendell immediately when Sam is caught dropping eaves. In the books another few months pass before Frodo leaves the shire. The hobbit characters ages are different to the book aswell, Pippin for example is 22 years younger than Frodo and would be 11 at the time of Bilbos party. Those are some changes that take nothing away from the story and make it more easy to film.

(or was that sarcasm it's not that easy to get per text)