Depending on the rights allocated to your user account you have multiple options for approving reports.
When a report needs to be approved by someone else after your approval you can use the 'Approve and forward option'.
When you choose this option a dialogue box will open and you can see the email address of the next approver.
When you select 'Approve' the report will get the label 'processing' and is forwarded to the next approver.
If you are the last approver in the workflow you can choose 'Final approve'. The report will now have the label 'approved'.