Combine flour, baking powder and salt in medium bowl; set aside. Beat butter and sugar in large bowl with electric mixer on medium speed until light and fluffy. Add eggs, vanilla and almond extracts; mix well. Gradually add flour mixture, beating on low speed after each addition until well blended. Divide dough into 3 portions; wrap each tightly in plastic wrap. Refrigerate dough 2 hours or until thoroughly chilled and firm enough to handle.
Step two
Preheat oven to 375°F. Spray baking sheets and 3-inch round cookie cutter with cooking spray; set aside. Roll out 1 portion of dough to 1/4-inch thickness on floured surface with floured rolling pin. Cut out cookies with prepared cutter. Transfer with metal spatula to baking sheet, placing 1 inch apart. Repeat with remaining dough portions, spraying cutter with additional cooking spray as needed.
Step three
Bake 7 to 10 minutes or until edges of cookies are browned lightly. Cool on baking sheet 1 minute before removing cookies and placing on wire racks to cool completely.
Step four
Pour pink pudding into small bowl; whisk in 1½ cups powdered sugar until well blended. Repeat with blue pudding. Dollop cookies with icing and use a flat spatula to gently swirl the colours together. Decorate with sprinkles or candies as desired. Place on wire rack to dry, about 30 minutes.