Preheat your oven to 350°F (175°C). Grease and flour a 9x13 inch baking pan, or line with parchment paper leaving an overhang on the sides to easily lift the cake out later.

In a medium bowl, whisk together the flour, baking powder, baking soda, and salt. Set aside.

In a large bowl using a handheld or stand mixer, beat the softened butter and granulated sugar on medium-high speed until light and fluffy, about 3-4 minutes.

Add the eggs one at a time, beating well after each addition. Scrape down the sides of the bowl as needed. Beat in the vanilla extract.

With the mixer on low speed, add the dry ingredients in three additions, alternating with the coconut milk in two additions, beginning and ending with the dry ingredients. Mix just until combined; do not overmix.

Using a spatula, gently fold in the entire can of undrained crushed pineapple and 1 cup of shredded coconut until just incorporated.

Pour the batter into the prepared pan and spread evenly. Bake for 30-35 minutes, or until a wooden skewer inserted into the center comes out clean. Let the cake cool completely in the pan on a wire rack.

While the cake cools, you can toast the coconut for the topping. Spread 1 cup of shredded coconut on a baking sheet and bake at 325°F (160°C) for 5-7 minutes, stirring occasionally, until golden brown. Watch it carefully as it can burn quickly. Set aside to cool.

In a large bowl with an electric mixer, beat the softened cream cheese and softened butter on medium speed until completely smooth and creamy, about 2 minutes.

Turn the mixer to low and gradually add the sifted powdered sugar, mixing until just combined. Add the vanilla and coconut extracts.

Increase the mixer speed to medium-high and beat for 2-3 minutes until the frosting is light, fluffy, and smooth.

Once the cake is completely cooled, spread the frosting evenly over the top. Sprinkle generously with the toasted coconut. Slice and serve.