Seriously Suyog, I think your question is a bit too vague to get much of a response from these forums. Reporting Standard depend on your industry, not Tableau. And Best Practices depend on what you're trying to visualize (if you believe in the 'Best Practices' thing). Although I think I read something today about the Tableau Public folks wanting to develop a 'Best Practices' document, so you'll probably be in luck later this year.
Do you have something specific you're trying to accomplish?
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1. I've found reporting standards to be company specific so you should find out what yours are. If you have none then establish your own by see what other companies have done, what upper management thinks, constraints from legal (e.g. font, color, and trademarking), etc.
2. Though there may be several guidelines about some things there will always be exceptions to them (as the questions in the forums prove) so one shouldn't feel locked in to them. The software isn't terribly convoluted or complex (like what I'm finding with Cognos 10 ...thanks IBM for wrecking a good product) so it's rather hard to do something really wrong.
I think you just need to connect to the data and start producing. The rest will fall in place. That's how I initially started with Tableau and it worked great (I do, however, have many years of BI experience).