HEAT broth and water; set aside. Cook bacon in large skillet on medium-high heat 5 min. or until crisp, stirring occasionally. Drain bacon; discard drippings. Return bacon to skillet. Add mushrooms to skillet; cook 3 min., stirring occasionally.

ADD rice and dressing; stir 1 min. Add half of the broth mixture; cook 5 min. or until most of the liquid is absorbed, stirring occasionally. Add remaining broth mixture; cook 10 min. or until rice is tender and almost all of the liquid is absorbed, stirring occasionally.

SPRINKLE with cheese and parsley.