Permission accessing SSRS Report Server/Manager

Recently we have encountered an issue where a domain admin (and local admin) account was trying to access the SSRS Report Manager and Report Server web sites and was getting the following error:
User DOMAINUserAccount does not have the required permissions. Verify that the permissions have been grated and Windows User Account Control (UAC) have been addressed.

Deploy a Report Builder 3.0/VS 2010 Report on SSRS 2008

Visual Studio 2010 and Report Builder 3.0 RDL reports use a new schema that is not supported by SQL Server 2008 Reporting Services. They are designed to work only with SSRS 2008 R2. Currently there is no way to publish a VS2010 Report on SQL Server 2008 without some modifications to the RDL code.