Preheat the oven to 350°F. Butter and flour 3 [9] inch round cake pans or spray with baking spray. Set aside.
Cake: In a medium bowl use a whisk to sift the flour, baking soda and baking powder together. Set aside.
In a large bowl use an electric mixer to cream together the softened butter, granulated sugar, brown sugar, pure vanilla and almond extracts. Beat until creamy and light beige in color, around 3-4 minutes
Add the eggs 1 at a time beating well after each addition.
To the bowl add the sifted dry ingredients alternately with the buttermilk beginning and ending with flour. After all has been added increase the mixer speed and beat until fully combined.
By hand mix in 1/2 of the 14 ounce package of flaked coconut and 1 cup of toasted pecans until evenly distributed in the batter. Divide the batter evenly between the cake pans.
Bake for 25-30 minutes or until a toothpick inserted into the center comes back clean. Cool completely in the pans on a cooling rack.
Frosting: In a large bowl use an electric mixer on medium-high speed to cream together the cream cheese and butter until light, fluffy and pale yellow in color. Add the vanilla and almond extracts. Beat to combine. Lower the speed of the mixer and gradually add the powdered sugar beating until creamy and smooth.
Assemble: Line the edge of the cake plate or platter with wax paper strips. Center one cake layer on the pedastal.
Frost each layer sprinkling each with reserved toasted pecan pieces. Add the final layer and frost the top and sides.
Press toasted coconut on sides. Decorate the top as desired with the remaining chopped pecans. (See in the Cook's note for how to toast coconut)
Store chilled until serving.