for ($status) {
    s/P|F|C|D|I/Posted/g;
    s/A/Accepted/g;
    s/N/New/g;
    s/R/Rejected/g;
    s/S/Save/g;
    s/X/Canceled/g;
}

##</code><code>##

my %subst={ A => 'Accepted',
            N => 'New',
            R => 'Rejected',
            S => 'Save',
            X => 'Canceled' };
$subst{$_}='Posted' for qw/P F C D I/;
$status =~ s/[A-Z]/$subst{$&}||$&/ge;