Are you looking for Management Reporter in Microsoft Dynamics AX7? You won't find it. At least, not with that name. Microsoft replaced the name "Management Reporter" with the more generic term "Financial Reporting". In AX7 under Reports, you will find the link for "Financial Reporting". This will open AX7's web client to view any reports that have already been generated. You can open any of these reports, change the dates and re-generate the reports, drilldown to account and transaction level details and most other things that you could do with Management Reporter. It looks really good for browsing generated reports.
Should you need to edit any report definitions or create a new report, the AX7 web client will open the familiar Report Designer which is the same thing as Management Reporter's Report Designer - just without the "Management Reporter" name. Isn't re-branding easy!
Similar to how certain functionality was lost in the transition from Microsoft FRx to Management Reporter, the Financial Reporting AX7 Product Group mentions in an interview with Kevin Sifford (https://blogs.msdn.microsoft.com/axinthefield/management-reporter-2012-ax-2012-vs-financial-reporting-ax-7-faq) that other functionality has been lost with this go round. For instance, the Report Library no longer exists, report links cannot be published to SharePoint folders, data from Excel spreadsheets cannot be included in AX7 FR reports and comments cannot be added to reports in the web client. Those were just some of the highlighted missed features - no full list yet of what all else might not be available.
The good thing, though, is that AX7 Financial Reporting has a future. There is a development team and a support team to carry it forward with future releases of AX.
I'll post more about AX7 Financial Reporting as soon as I get a chance. Email me (firstname.lastname@example.org) if you have news about AX7 Financial Reporting or if you need help with report writing or training. I handle all of that on AX7 Financial Reporting and on Management Reporter as well.