We have implemented standards based grading in our district which is difficult sometimes when it comes to the grade books in Canvas. While the Learning Mastery Grade Book has great potential, it doesn't fit all of the requirements that we have, therefore, it is wonky at times. We have created grading schemes for teachers to use in the traditional grade book and this has proven to be helpful.
This document How do I add a grading scheme in a course? shows teachers how they can make their own grading schemes in their course. This way they can have a points based assignment, but have it report out using our Exceeding, Meeting, Approaching and Attempting language rather than a letter grade, points or percentages. This is helpful at the end of the term since we lean more on professional judgement of progress toward mastery rather than a total points or weighted system.
When students and parents view the Canvas course, they also see this language which helps keep the conversations the same among everyone.