In the bowl of a standing mixer, beat butter and sugar until light and creamy. Add eggs, vanilla and almond extract, mixing until smooth.
In a separate bowl, whisk together flour, salt and baking powder. Gradually add to butter mixture and mix until combined. Evenly spread into pan. Bake for about 25 minutes, until edges are lightly browned. Let cool.
In the bowl of a standing mixer, cream the cream cheese and butter until smooth. Add powdered sugar one cup at a time and mix until incorporated. Add vanilla and almond extracts, mixing until combined. Scrape down the sides with a rubber spatula as needed. Add food coloring and beat on medium-high for another minute.
Once cookies are completely cool, frost and sprinkle with Fruity Pebbles. Cut into bars.