Hi vaishu,
1. Before starting the discussion about compatible ms office with dashboard, please be aware of that there are lot issues developers are facing when you integrate my office 2013 with dashboard. Please proceed with 2010 version which pretty much supports without any issues.
2. Live office supports to integrate webi reports, crystal reports & universes based unx models.
Hope this helps!!!
Please revert any clarifications.
--SumanT