There's essentially an infinite amount of detail to understanding what happens to light when it passes into water.
Did you know underwater is the most dynamic lighting environment on the planet by
orders of magnitude?
http://www.ncbi.nlm.nih.gov/pubmed/21113012 (Full article available!)
I like putting 12 hours of light over the tank since that's what the sun does. It's simplistic, but also realistic.
Honestly, you're not wrong with the 10 hours either...I think mostly it's just important not to go over 12 hours. It won't hurt every tank, but you're definitely not favoring the corals by doing longer-than-natural lighting schedules.
Personally, I relax over most of the details (though I am paying attention!) since I know that the lensing effect from waves, as well as many other factors, weigh heavily on the light the corals actually see and use...even the faint light of sunrise and sunset can be useful when magnified by several orders of magnitude.
Just a footnote: If your lights aren't simulating sunrise and sunset and your lights just turn on in the morning and off at night, then (assuming your lights are correct for your tank) you can get away with around 5 or 6 "peak sun hours" vs needing a whole day. I ran my halide fixture this way, and still run my DIY LED fixture on this schedule.