diff --git a/cmake/Modules/CodeCoverage.cmake b/cmake/Modules/CodeCoverage.cmake
index 6363ef96..0353948a 100644
--- a/cmake/Modules/CodeCoverage.cmake
+++ b/cmake/Modules/CodeCoverage.cmake
@@ -44,12 +44,17 @@
 # 2019-05-06, Anatolii Kurotych
 # - Remove unnecessary --coverage flag
 #
-# 2019-12-10, FeRD (Frank Dana)
-# - Set PROJECT_SOURCE_DIR as lcov basedir with -b argument
-# - Add automatic --demangle-cpp if 'c++filt' is available
+# 2019-12-13, FeRD (Frank Dana)
+# - Deprecate COVERAGE_LCOVR_EXCLUDES and COVERAGE_GCOVR_EXCLUDES lists in favor
+#   of tool-agnostic COVERAGE_EXCLUDES variable, or EXCLUDE setup arguments.
+# - CMake 3.4+: All excludes can be specified relative to BASE_DIRECTORY
+# - All setup functions: accept BASE_DIRECTORY, EXCLUDE list
+# - Set lcov basedir with -b argument
+# - Add automatic --demangle-cpp in lcovr, if 'c++filt' is available (can be
+#   overridden with NO_DEMANGLE option in setup_target_for_coverage_lcovr().)
+# - Delete output dir, .info file on 'make clean'
 # - Remove Python detection, since version mismatches will break gcovr
-# - Remove output dir, .info file on 'make clean'
-# - Minor cleanup (lowercase function names, update excludes example...)
+# - Minor cleanup (lowercase function names, update examples...)
 #
 # USAGE:
 #
@@ -64,10 +69,28 @@
 # 3.a (OPTIONAL) Set appropriate optimization flags, e.g. -O0, -O1 or -Og
 #
 # 4. If you need to exclude additional directories from the report, specify them
-#    using full paths in the COVERAGE_LCOV_EXCLUDES variable before calling
-#    setup_target_for_coverage_lcov().
+#    using full paths in the COVERAGE_EXCLUDES variable before calling
+#    setup_target_for_coverage_*().
 #    Example:
-#      set(COVERAGE_LCOV_EXCLUDES '${PROJECT_SOURCE_DIR}/dir1/*' '/path/to/my/dir2/*')
+#      set(COVERAGE_EXCLUDES
+#          '${PROJECT_SOURCE_DIR}/src/dir1/*'
+#          '/path/to/my/src/dir2/*')
+#    Or, use the EXCLUDE argument to setup_target_for_coverage_*().
+#    Example:
+#      setup_target_for_coverage_lcov(
+#          NAME coverage
+#          EXECUTABLE testrunner
+#          EXCLUDE "${PROJECT_SOURCE_DIR}/src/dir1/*" "/path/to/my/src/dir2/*")
+# 
+# 4.a NOTE: With CMake 3.4+, COVERAGE_EXCLUDES or EXCLUDE can also be set
+#     relative to the BASE_DIRECTORY (default: PROJECT_SOURCE_DIR)
+#     Example:
+#       set(COVERAGE_EXCLUDES "dir1/*")
+#       setup_target_for_coverage_gcovr_html(
+#           NAME coverage
+#           EXECUTABLE testrunner
+#           BASE_DIRECTORY "${PROJECT_SOURCE_DIR}/src"
+#           EXCLUDE "dir2/*")
 #
 # 5. Use the functions described below to create a custom make target which
 #    runs your test executable and produces a code coverage report.
@@ -141,12 +164,18 @@ endif()
 #     NAME testrunner_coverage                    # New target name
 #     EXECUTABLE testrunner -j ${PROCESSOR_COUNT} # Executable in PROJECT_BINARY_DIR
 #     DEPENDENCIES testrunner                     # Dependencies to build first
+#     BASE_DIRECTORY "../"                        # Base directory for report
+#                                                 #  (defaults to PROJECT_SOURCE_DIR)
+#     EXCLUDE "src/dir1/*" "src/dir2/*"           # Patterns to exclude (can be relative
+#                                                 #  to BASE_DIRECTORY, with CMake 3.4+)
+#     NO_DEMANGLE                                 # Don't demangle C++ symbols
+#                                                 #  even if c++filt is found
 # )
 function(setup_target_for_coverage_lcov)
 
-    set(options NONE)
-    set(oneValueArgs NAME)
-    set(multiValueArgs EXECUTABLE EXECUTABLE_ARGS DEPENDENCIES LCOV_ARGS GENHTML_ARGS)
+    set(options NO_DEMANGLE)
+    set(oneValueArgs BASE_DIRECTORY NAME)
+    set(multiValueArgs EXCLUDE EXECUTABLE EXECUTABLE_ARGS DEPENDENCIES LCOV_ARGS GENHTML_ARGS)
     cmake_parse_arguments(Coverage "${options}" "${oneValueArgs}" "${multiValueArgs}" ${ARGN})
 
     if(NOT LCOV_PATH)
@@ -157,8 +186,25 @@ function(setup_target_for_coverage_lcov)
         message(FATAL_ERROR "genhtml not found! Aborting...")
     endif() # NOT GENHTML_PATH
 
+    # Set base directory (as absolute path), or default to PROJECT_SOURCE_DIR
+    if(${Coverage_BASE_DIRECTORY})
+        get_filename_component(BASEDIR ${Coverage_BASE_DIRECTORY} ABSOLUTE)
+    else()
+        set(BASEDIR ${PROJECT_SOURCE_DIR})
+    endif()
+
+    # Collect excludes (CMake 3.4+: Also compute absolute paths)
+    set(LCOV_EXCLUDES "")
+    foreach(EXCLUDE ${Coverage_EXCLUDE} ${COVERAGE_EXCLUDES} ${COVERAGE_LCOV_EXCLUDES})
+        if(CMAKE_VERSION VERSION_GREATER 3.4)
+            get_filename_component(EXCLUDE ${EXCLUDE} ABSOLUTE BASE_DIR ${BASEDIR})
+        endif()
+        list(APPEND LCOV_EXCLUDES "${EXCLUDE}")
+    endforeach()
+    list(REMOVE_DUPLICATES LCOV_EXCLUDES)
+
     # Conditional arguments
-    if(CPPFILT_PATH)
+    if(CPPFILT_PATH AND NOT ${Coverage_NO_DEMANGLE})
       set(GENHTML_EXTRA_ARGS "--demangle-cpp")
     endif()
 
@@ -166,18 +212,18 @@ function(setup_target_for_coverage_lcov)
     add_custom_target(${Coverage_NAME}
 
         # Cleanup lcov
-        COMMAND ${LCOV_PATH} ${Coverage_LCOV_ARGS} --gcov-tool ${GCOV_PATH} -directory . -b ${PROJECT_SOURCE_DIR} --zerocounters
+        COMMAND ${LCOV_PATH} ${Coverage_LCOV_ARGS} --gcov-tool ${GCOV_PATH} -directory . -b ${BASEDIR} --zerocounters
         # Create baseline to make sure untouched files show up in the report
-        COMMAND ${LCOV_PATH} ${Coverage_LCOV_ARGS} --gcov-tool ${GCOV_PATH} -c -i -d . -b ${PROJECT_SOURCE_DIR} -o ${Coverage_NAME}.base
+        COMMAND ${LCOV_PATH} ${Coverage_LCOV_ARGS} --gcov-tool ${GCOV_PATH} -c -i -d . -b ${BASEDIR} -o ${Coverage_NAME}.base
 
         # Run tests
         COMMAND ${Coverage_EXECUTABLE} ${Coverage_EXECUTABLE_ARGS}
 
         # Capturing lcov counters and generating report
-        COMMAND ${LCOV_PATH} ${Coverage_LCOV_ARGS} --gcov-tool ${GCOV_PATH} --directory . -b ${PROJECT_SOURCE_DIR} --capture --output-file ${Coverage_NAME}.info
+        COMMAND ${LCOV_PATH} ${Coverage_LCOV_ARGS} --gcov-tool ${GCOV_PATH} --directory . -b ${BASEDIR} --capture --output-file ${Coverage_NAME}.info
         # add baseline counters
         COMMAND ${LCOV_PATH} ${Coverage_LCOV_ARGS} --gcov-tool ${GCOV_PATH} -a ${Coverage_NAME}.base -a ${Coverage_NAME}.info --output-file ${Coverage_NAME}.total
-        COMMAND ${LCOV_PATH} ${Coverage_LCOV_ARGS} --gcov-tool ${GCOV_PATH} --remove ${Coverage_NAME}.total ${COVERAGE_LCOV_EXCLUDES} --output-file ${PROJECT_BINARY_DIR}/${Coverage_NAME}.info.cleaned
+        COMMAND ${LCOV_PATH} ${Coverage_LCOV_ARGS} --gcov-tool ${GCOV_PATH} --remove ${Coverage_NAME}.total ${LCOV_EXCLUDES} --output-file ${PROJECT_BINARY_DIR}/${Coverage_NAME}.info.cleaned
 
         # Generate HTML output
         COMMAND ${GENHTML_PATH} ${GENHTML_EXTRA_ARGS} ${Coverage_GENHTML_ARGS} -o ${Coverage_NAME} ${PROJECT_BINARY_DIR}/${Coverage_NAME}.info.cleaned
@@ -218,24 +264,45 @@ endfunction() # setup_target_for_coverage_lcov
 #     NAME ctest_coverage                    # New target name
 #     EXECUTABLE ctest -j ${PROCESSOR_COUNT} # Executable in PROJECT_BINARY_DIR
 #     DEPENDENCIES executable_target         # Dependencies to build first
+#     BASE_DIRECTORY "../"                   # Base directory for report
+#                                            #  (defaults to PROJECT_SOURCE_DIR)
+#     EXCLUDE "src/dir1/*" "src/dir2/*"      # Patterns to exclude (can be relative
+#                                            #  to BASE_DIRECTORY, with CMake 3.4+)
 # )
 function(setup_target_for_coverage_gcovr_xml)
 
     set(options NONE)
-    set(oneValueArgs NAME)
-    set(multiValueArgs EXECUTABLE EXECUTABLE_ARGS DEPENDENCIES)
+    set(oneValueArgs BASE_DIRECTORY NAME)
+    set(multiValueArgs EXCLUDE EXECUTABLE EXECUTABLE_ARGS DEPENDENCIES)
     cmake_parse_arguments(Coverage "${options}" "${oneValueArgs}" "${multiValueArgs}" ${ARGN})
 
     if(NOT GCOVR_PATH)
         message(FATAL_ERROR "gcovr not found! Aborting...")
     endif() # NOT GCOVR_PATH
 
-    # Combine excludes to several -e arguments
+    # Set base directory (as absolute path), or default to PROJECT_SOURCE_DIR
+    if(${Coverage_BASE_DIRECTORY})
+        get_filename_component(BASEDIR ${Coverage_BASE_DIRECTORY} ABSOLUTE)
+    else()
+        set(BASEDIR ${PROJECT_SOURCE_DIR})
+    endif()
+
+    # Collect excludes (CMake 3.4+: Also compute absolute paths)
     set(GCOVR_EXCLUDES "")
-    foreach(EXCLUDE ${COVERAGE_GCOVR_EXCLUDES})
+    foreach(EXCLUDE ${Coverage_EXCLUDE} ${COVERAGE_EXCLUDES} ${COVERAGE_GCOVR_EXCLUDES})
+        if(CMAKE_VERSION VERSION_GREATER 3.4)
+            get_filename_component(EXCLUDE ${EXCLUDE} ABSOLUTE BASE_DIR ${BASEDIR})
+        endif()
+        list(APPEND GCOVR_EXCLUDES "${EXCLUDE}")
+    endforeach()
+    list(REMOVE_DUPLICATES GCOVR_EXCLUDES)
+
+    # Combine excludes to several -e arguments
+    set(GCOVR_EXCLUDE_ARGS "")
+    foreach(EXCLUDE ${GCOVR_EXCLUDES})
         string(REPLACE "*" "\\*" EXCLUDE_REPLACED ${EXCLUDE})
-        list(APPEND GCOVR_EXCLUDES "-e")
-        list(APPEND GCOVR_EXCLUDES "${EXCLUDE_REPLACED}")
+        list(APPEND GCOVR_EXCLUDE_ARGS "-e")
+        list(APPEND GCOVR_EXCLUDE_ARGS "${EXCLUDE_REPLACED}")
     endforeach()
 
     add_custom_target(${Coverage_NAME}
@@ -244,7 +311,7 @@ function(setup_target_for_coverage_gcovr_xml)
 
         # Running gcovr
         COMMAND ${GCOVR_PATH} --xml
-            -r ${PROJECT_SOURCE_DIR} ${GCOVR_EXCLUDES}
+            -r ${BASEDIR} ${GCOVR_EXCLUDE_ARGS}
             --object-directory=${PROJECT_BINARY_DIR}
             -o ${Coverage_NAME}.xml
         WORKING_DIRECTORY ${PROJECT_BINARY_DIR}
@@ -274,24 +341,45 @@ endfunction() # setup_target_for_coverage_gcovr_xml
 #     NAME ctest_coverage                    # New target name
 #     EXECUTABLE ctest -j ${PROCESSOR_COUNT} # Executable in PROJECT_BINARY_DIR
 #     DEPENDENCIES executable_target         # Dependencies to build first
+#     BASE_DIRECTORY "../"                   # Base directory for report
+#                                            #  (defaults to PROJECT_SOURCE_DIR)
+#     EXCLUDE "src/dir1/*" "src/dir2/*"      # Patterns to exclude (can be relative
+#                                            #  to BASE_DIRECTORY, with CMake 3.4+)
 # )
 function(setup_target_for_coverage_gcovr_html)
 
     set(options NONE)
-    set(oneValueArgs NAME)
-    set(multiValueArgs EXECUTABLE EXECUTABLE_ARGS DEPENDENCIES)
+    set(oneValueArgs BASE_DIRECTORY NAME)
+    set(multiValueArgs EXCLUDE EXECUTABLE EXECUTABLE_ARGS DEPENDENCIES)
     cmake_parse_arguments(Coverage "${options}" "${oneValueArgs}" "${multiValueArgs}" ${ARGN})
 
     if(NOT GCOVR_PATH)
         message(FATAL_ERROR "gcovr not found! Aborting...")
     endif() # NOT GCOVR_PATH
 
-    # Combine excludes to several -e arguments
+    # Set base directory (as absolute path), or default to PROJECT_SOURCE_DIR
+    if(${Coverage_BASE_DIRECTORY})
+        get_filename_component(BASEDIR ${Coverage_BASE_DIRECTORY} ABSOLUTE)
+    else()
+        set(BASEDIR ${PROJECT_SOURCE_DIR})
+    endif()
+
+    # Collect excludes (CMake 3.4+: Also compute absolute paths)
     set(GCOVR_EXCLUDES "")
-    foreach(EXCLUDE ${COVERAGE_GCOVR_EXCLUDES})
+    foreach(EXCLUDE ${Coverage_EXCLUDE} ${COVERAGE_EXCLUDES} ${COVERAGE_GCOVR_EXCLUDES})
+        if(CMAKE_VERSION VERSION_GREATER 3.4)
+            get_filename_component(EXCLUDE ${EXCLUDE} ABSOLUTE BASE_DIR ${BASEDIR})
+        endif()
+        list(APPEND GCOVR_EXCLUDES "${EXCLUDE}")
+    endforeach()
+    list(REMOVE_DUPLICATES GCOVR_EXCLUDES)
+
+    # Combine excludes to several -e arguments
+    set(GCOVR_EXCLUDE_ARGS "")
+    foreach(EXCLUDE ${GCOVR_EXCLUDES})
         string(REPLACE "*" "\\*" EXCLUDE_REPLACED ${EXCLUDE})
-        list(APPEND GCOVR_EXCLUDES "-e")
-        list(APPEND GCOVR_EXCLUDES "${EXCLUDE_REPLACED}")
+        list(APPEND GCOVR_EXCLUDE_ARGS "-e")
+        list(APPEND GCOVR_EXCLUDE_ARGS "${EXCLUDE_REPLACED}")
     endforeach()
 
     add_custom_target(${Coverage_NAME}
@@ -303,7 +391,7 @@ function(setup_target_for_coverage_gcovr_html)
 
         # Running gcovr
         COMMAND ${GCOVR_PATH} --html --html-details
-            -r ${PROJECT_SOURCE_DIR} ${GCOVR_EXCLUDES}
+            -r ${BASEDIR} ${GCOVR_EXCLUDE_ARGS}
             --object-directory=${PROJECT_BINARY_DIR}
             -o ${Coverage_NAME}/index.html
         WORKING_DIRECTORY ${PROJECT_BINARY_DIR}