Combine flour, sugar and pecans. Add the butter. Mix well and press mixture in bottom of 13 x 9 baking dish. Bake at 350F for 18-20 minutes. Cool.
Beat cream cheese and powdered sugar at medium speed until light and fluffy. Fold in whipped topping and almond flavoring. Drain peaches and add to whipped topping mixture. Spoon over cooled crust and chill for several hours.