For the pull-apart bread: Preheat the oven to 350 degrees F. Grease a 10-inch bundt pan with nonstick cooking spray.
Separate the biscuits and cut into quarters. Put the rainbow sprinkles in a large resealable plastic bag, add the biscuit pieces and shake until coated. Add the brown sugar, cinnamon and 1/2 cup of the granulated sugar. Seal the bag and shake until everything is mixed. Pour the pieces into the prepared pan and set aside.
Heat the butter with the remaining 1/2 cup granulated sugar in a saucepan over medium-low heat, stirring, until the butter is melted and the sugar is dissolved. Mix in the almond extract. Pour the mixture over the biscuit pieces.
Bake until the top of the bread is golden, about 30 minutes. Cover with foil and continue to bake until cooked through, an additional 5 to 10 minutes. Let cool.
For the frosting: Mix the confectioners' sugar, cream cheese, butter and salt in a medium bowl. Add the vanilla and 2 tablespoons of the milk and mix until smooth. Add another tablespoon of the milk if the frosting's too thick.
Spread the frosting on top of the cake and garnish with the rainbow sprinkles.
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