For cake, mix together all of the cake ingredients and bake in a greased sheet cake pan at 375 degrees for 20-22 minutes. Cool.
To make frosting, place chopped pecans in a single layer in a shallow pan. Bake at 350 degrees for 6 minutes or until lightly toasted.
Bring butter and brown sugar to a boil in a 3-1/2 quart saucepan over medium heat, whisking constantly (about 2 minutes).
Remove from heat and slowly whisk in buttermilk.
Return mixture to heat and bring to a boil.
Pour into bowl of heavy duty stand mixer. Gradually add powdered sugar, vanilla extract and almond extract.
Beat at high speed until smooth (about 1 minute).
Stir in pecans. Immediately spread over cake.