Currently, the "missing" label that appears throughout Canvas on student assignments, Speedgrader, etc. appears for every student who has a missing assignment regardless of the specific intentions of the teacher or the type of assignment (ex: one that requires a submission).
I would like to see Canvas allow this to be optional. For example, it would be beneficial during the assignment creation process if there was a drop-down menu that included the option allowing the assignment to be marked as missing after the due date or not. Another idea would be to provide a check-box on Speedgrader that would allow the teacher to check/uncheck the "missing" label feature and therefore remove it from certain student's Canvas profiles.
I have students now who have an excused reason for turning an assignment in late but because it wasn't submitted by the due date, that assignment has been marked "missing," which cannot be undone even now that the student submitted the assignment and I graded it. Having the option to add/remove this label will also help students pay more attention to "missing" once they know it actually indicates a missing assignment.
Comments from Instructure
The work on late and missing policies in September and December made it possible to manually remove a missing label from an assignment. You can read more about these updates in the following releases