Step 1

Preheat oven to 350 degrees.  Spray 2- 9-inch cake pans with non-stick baking spray.

Step 2

In a medium bowl, combine flour, baking powder, baking soda and 1/2 teaspoon salt and whisk; set aside.

Step 3

In a large bowl, add sugar, butter and sweetened cream of coconut. Using an electric mixer beat until fluffy, about 3 minutes. Beat in egg yolks, one at a time. Add vanilla and coconut extracts. With the mixer set on low, beat in dry ingredients and then buttermilk, each just until blended.

Step 4

In another bowl, using clean and dry beaters, beat egg whites and a pinch of salt until they are stiff but not dry.  Gently fold egg whites into cake batter.

Step 5

Evenly divide batter between prepared cake pans.  Bake in preheated oven for about 45 minutes or until the toothpick inserted into the center comes out clean.  Allow cake to cool in pans for 10-15 minutes then turn cakes out onto racks to cool completely.

Step 6

When cakes are cool make the frosting; using an electric mixer beat cream cheese and butter together until they are just combined (Do Not overbeat or frosting will become runny). Add cream of coconut, vanilla and coconut extracts and beat just until combined. Add 2 cups of powdered sugar and beat until all ingredients are just combined and smooth. Add more powdered sugar as needed to achieve desired consistency (Some readers found the frosting to be runny with only 2 cups of powdered sugar)

Step 7

Frost cake and sprinkle toasted coconut all over and gently press it so it adheres to decorate. Store cake in the fridge until serving.