We came across an issue recently where the Dynamics AX 2009 reporting extensions and sql reporting services reports deployed successfully. However when trying to browse and view ANY of the published reports on the SQL Reporting server or via role centers we get the following error displayed: 

Error during processing of ‘AX_CompanyName’ report parameter. (rsReportParameterProcessingError)


and furthermore in the Windows Application Event log on the SQL Reporting server we get the following error logged:

Event Source: Microsoft.Dynamics.Framework.BusinessConnector
Event Category: None
Event ID: 1000
Description:
Dynamics Adapter LogonAs failed.

Microsoft.Dynamics.BusinessConnectorNet.NoIISRightsException
at Microsoft.Dynamics.BusinessConnectorNet.Axapta.Logon(BC_PROXY_ACCOUNT_INFO* pBCProxyAccountInfo, String company, String language, String objectServer, String configuration)
at Microsoft.Dynamics.BusinessConnectorNet.Axapta.LogonUsingBCProxyAccount(_SEC_WINNT_AUTH_IDENTITY_W* pImpersonatedUserAccount, NetworkCredential bcProxyCredentials, String company, String language, String objectServer, String configuration)
at Microsoft.Dynamics.BusinessConnectorNet.Axapta.LogonAs(String user, String domain, NetworkCredential bcProxyCredentials, String company, String language, String objectServer, String configuration)
at Microsoft.Dynamics.Framework.BusinessConnector.Session.DynamicsAdapter.LogonAs(String user, String domain, NetworkCredential bcProxyCredentials, String company, String language, String objectServer, String configuration)

After further troubleshooting we identified that the user was not licensed for the "Enterprise Portal Framework" module. SQL Reporting extensions and integration uses the .NET Business Connector (BC.NET) and BC.NET requires Enterprise Portal Framework license, even if you are not using Role Centers and Enterpise Portal. When the business connector connects to the AOS server if it does not find the license key, it throws the NoIISRightsException error message as seen in the event log.
 
To check whether you are licensed, run the Dynamics AX Client and go to Administration -> Setup -> System Information -> License Information and click on the Web tab

For more info see KB 931939, although written for AX 4.0 it is still applicable