HEAT oven to 350 degrees F. Line 8-inch square pan with foil, extending foil over edge of pan. Coat with no-stick cooking spray.
COMBINE butter, powdered sugar and flour in medium bowl. Stir with fork until evenly moistened and mixture comes together to form a ball of dough. Press evenly in prepared pan.
BAKE 15 to 18 minutes or until just beginning to brown. Spread preserves over crust. Beat egg whites until soft peaks form. Add sugar gradually. Beat until stiff peaks form. Fold in coconut. Spread over preserves. Sprinkle with almonds.
BAKE 22 to 25 minutes or until golden brown. Cool completely. Remove from pan lifting with edges of foil.