Preheat the oven to 350°F (175°C).
In a large skillet over medium heat, sear the chicken breasts for about 5 minutes on each side, until golden brown. Season with salt, pepper, garlic powder, and onion powder.
In a mixing bowl, combine the Italian dressing mix, sour cream, and cream of mushroom soup until well mixed.
Once the chicken is seared, pour the dressing mixture over the chicken in the skillet, making sure each piece is well-coated.
Cover the skillet and transfer it to the preheated oven. Bake for about 25 minutes or until the chicken is cooked through (internal temperature of 165°F/74°C).
Meanwhile, rinse the rice under cold water until the water runs clear. In a separate pot or rice cooker, combine the rice and chicken broth. Cook according to the rice cooker's instructions or bring to a boil, then reduce heat to low, cover, and simmer for about 18-20 minutes until the rice is tender and the liquid is absorbed.
When the chicken is done, remove it from the oven and sprinkle the shredded cheddar cheese over the top. Return to the oven uncovered for an additional 5 minutes, or until the cheese is melted and bubbly.
Serve the cheesy chicken over a bed of rice and garnish with fresh parsley if desired.