Preheat oven to 450 degree. Grease cookie sheets. In a large bowl stir together the flour, 11/2 cups confectioners, sugar and baking powder. Cut in butter using a pastry blender or rub between fingers until well blended. Stir in the eggs, vanilla and anise extracts and mix into a firm dough. Turn dough out onto a floured surface and knead for about 5 minutes. Roll tablespoonful of dough into balls and place them 1 inch apart onto the prepared cookie sheets. Bake for 8-10 minutes in the preheated oven, or until firm. Remove from cookie sheets to cool on wire racks. In a small bowl stir together 1 cup confectioner's sugar and 1-1/2 tablespoons of water. Drizzle over cooled cookies and decorate with sprinkles.