Preheat oven to 350°F. Mix flour, baking soda, baking powder, salt, cinnamon and nutmeg in medium bowl; set aside. Beat butter and sugar in large bowl with electric mixer on medium speed until light and fluffy. Blend in egg. Gradually add water and corn syrup, beating until well blended after each addition. Add flour mixture; mix well. Stir in cereal.
Pour into greased and floured 9-inch square baking pan.
Bake 40 min. or until toothpick inserted in center comes out clean. Serve warm.