Preheat the oven to 350°F. Butter and flour 3  inch round cake pans or spray with baking spray. Set aside.
Sift the flour, baking soda and baking powder together.
In the bowl of a stand mixer, 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.
Add the sifted dry ingredients alternately with the buttermilk. After all has been added, increase the mixer speed and beat until fully combined.
Mix in ½ of the 14 ounce flaked coconut and 1 cup of toasted pecans by hand.
Divide the batter evenly between the cake pans. Bake for 25-30 minutes until a toothpick inserted into the center comes back clean. Cool completely on a cooling rack.
For the frosting: Cream together the cream cheese and butter until light, fluffy and pale yellow in color. Add the vanilla and almond extracts. Gradually add the powdered sugar, beating until creamy and smooth.
Line the edge of the cake plate with wax paper strips.
Frost the cake between the layers 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.