Improved Document Approval Workflows

Could the document approval workflow be improved to include a "Change Declined" Status that is only visible to Document Owners, Document Approvers, BA and Promasters?


If a document approver rejects a document, the status of the document remains as "Awaiting Approval". There is currently no way to return the document to it's previous state without replacing it with the existing version.
This means the options we have are either double handling (replace the document with the existing document) or leave the document in the status of "Awaiting Approval" until it's next update (even though the document change has been rejected).