In a large saucepan, heat the olive oil over medium heat. Add the rice and saute until it begins to turn golden brown.
Slowly add the water, bouillon granules, onion, mushrooms and nutmeg. Bring mixture to a boil, reduce heat, cover and simmer for 30 minutes. Add water as needed to keep the mixture from drying out.
Add the asparagus tips, cover and cook another 5 minutes. Stir in the grated cheese. Garnish with parsley. Serve immediately.