1. Beat cream cheese at medium speed with an electric mixer until smooth. Gradually add sugar, beating until combined. Add egg yolk, beating until blended.
2. Stir orange rind into cranberry sauce.
3. Separate crescent rolls into 32 triangles. Spoon 1 tsp. cream cheese mixture onto short end of each triangle. Top with 1 tsp. cranberry sauce mixture, and sprinkle evenly with almonds. Fold long ends over filling, tucking edges under. Place on lightly greased baking sheets.
4. Stir together 1 egg and water; brush over unbaked crescents. Sprinkle with additional sliced almonds, if desired.
5. Bake at 350° for 15 to 17 minutes or until golden. Stir together 1 cup powdered sugar and 2 Tbsp. orange juice; drizzle over baked crescents. Serve warm.