Line two large baking sheets with parchment paper. Set aside. Preheat oven to 375 degrees F.
For the bottom crust layer, combine flour with butter using a pastry cutter. Combine until you get coarse crumbs. Add water and mix ingredients together into a ball. Seperate into two equal pieces.
Using your hands, roll dough into a long log shape. On two cookie sheets, shape each log into a large horseshoe, patting flat until it's about 2-3 inches wide (my baking sheet is 12-inch pizza stone). Dough will be sticky, dip fingertips in flour if needed to prevent sticking.
For the filling, in a saucepan, heat water and butter to boiling. Remove from heat, beat in flour. Add eggs, one at a time. Add powdered sugar and almond extract. This egg mixture will be paste-ish. Spread on top of crust layers.
Bake for 40-45 minutes. Allow to cool at least 10-15 minutes before sliding onto a wire rack.
While cooling, prepare frosting by beating butter with powdered sugar, almond extract and milk. Continue to beat until smooth. Frost kringles while warm and serve.