HEAT oven to 350°F. Coat three 8-inch or two 9-inch round cake pans with flour no-stick cooking spray. Line bottom of pans with parchment paper cut to fit. Coat paper with flour no-stick cooking spray.
COMBINE flour, sugar, baking powder and salt in large bowl. Add milk and shortening; beat two minutes at medium speed of electric mixer.
ADD egg whites, 1 teaspoon vanilla and 1 teaspoon almond extracts. Beat an additional 2 minutes, scraping sides of bowl as needed. Pour batter evenly into prepared pans. Tap pans on counter several times to remove air bubbles.
BAKE 20 to 25 minutes or until toothpick inserted near center comes out clean. Cool cakes in pans on wire rack 10 minutes. Remove from pans; cool completely.
BEAT cream cheese and butter at medium speed of electric mixer until light and fluffy.
ADD powdered sugar gradually, beating until smooth. Add 1 teaspoon vanilla; beat until blended. Stir in coconut. Frost between layers and on sides and top of cake. Press sliced almonds onto sides of cake.