Preheat oven to 350°F (175°C).

Grease and flour three 9-inch round cake pans.

Sift together flour, baking soda, and baking powder.

In a mixing bowl, cream butter, granulated sugar, and brown sugar until light and fluffy.

Beat in vanilla and almond extracts.

Add eggs one at a time, mixing well after each addition.

Gradually add dry ingredients alternately with buttermilk, mixing until just combined.

Stir in half of the coconut and 1 cup of toasted pecans.

Divide batter evenly among cake pans.

Bake for 25-30 minutes, or until a toothpick inserted into the center comes out clean.

Cool completely on a wire rack.

For the frosting, cream together cream cheese and butter until light and fluffy.

Add vanilla and almond extracts.

Gradually add powdered sugar, beating until smooth.

Place wax paper strips under edge of cake.

Frost between cake layers, sprinkling each layer with reserved toasted pecan pieces.

Add final layer and frost the top and sides.

Cover sides with toasted coconut.

Decorate top with remaining chopped pecans.

Chill before serving.