explain why it is important to disclose material items in the financial statements of a public company and the role that ASC 740-10 (uncertain tax positions) plays within the disclosure process. While ASC 740-10 requires public companies to record reserves in the financial statements for future tax burdens of uncertain tax positions taken on prior years returns, clients have other alternatives to choose if they feel the need to correct the positions while not booking a reserve. Provide the clients other options for dealing with an uncertain tax position besides recording a reserve in the financials. Keep in mind the statute of limitations.