As Tim mentioned, you can record right up to max (0dBfs) without a problem. 0dBfs doesn't sound any better or worse than -12dBfs or -20dBfs except for a miniscule about of noise difference (undetectable by most humans).
The standards that often come up, like "-12" and "-20" are only a "zero VU reference" for aligning a mixed and mastered recording or live broadcast to the "0" of a VU meter. "Zero VU reference" is of absolutely zero use for the recording of original tracks (such as film production dialog), hence the nick name for VU=Virtually Useless.
An ideal recording would have the highest level at maximum, and everything else anywhere below maximum that achieves the dynamics that the mixing engineer wants.
There are formulas and equipment that different agencies (like broadcast networks) have come up with to impose limits on perceived loudness and to standardize tasteful dynamic range, but all of these have flaws of their own. Even still, the highest level of a recording should be 0dBfs.
Glen Trew
The standards that often come up, like "-12" and "-20" are only a "zero VU reference" for aligning a mixed and mastered recording or live broadcast to the "0" of a VU meter. "Zero VU reference" is of absolutely zero use for the recording of original tracks (such as film production dialog), hence the nick name for VU=Virtually Useless.
An ideal recording would have the highest level at maximum, and everything else anywhere below maximum that achieves the dynamics that the mixing engineer wants.
There are formulas and equipment that different agencies (like broadcast networks) have come up with to impose limits on perceived loudness and to standardize tasteful dynamic range, but all of these have flaws of their own. Even still, the highest level of a recording should be 0dBfs.
Glen Trew