Problems in deploying / debugging SQL Report Server Project: Permissions granted to user 'domain\username' are insufficient (rsAccessDenied)

Overview

I came across an issue that the project created from "Report Server Project Wizard" Template in Visual Studio did not deploy successfully and the "permissions granted to user 'domain\username' are insufficient for .... (rsAccessDenied)" error was shown.
Finally I was able to get it done by restoring the IIS 'ReportServer' Active Directory. Below shows the steps I follow to do the restore.

Reference

"The permissions granted to user '' are insufficient for performing this operation." when trying to view Report Site.

Steps

1. Click "Start" -> "All programs" -> "Microsoft SQL Server 2005" -> "Configuration Tools" -> "Reporting Services Configuration"
2. Enter the "Machine Name" & "Instance Name" and click "Connect"
3. Select "Report Server Virtual Directory" at the left pane and check "Apply default settings", and click "Apply"
4. Done!!!