Preheat oven to 350°F (175°C). Grease and flour three 9-inch round cake pans.
In a large bowl, cream butter and sugar until light and fluffy.
Add egg yolks one at a time, beating well after each addition.
In a separate bowl, whisk together cake flour, baking powder, and salt.
Gradually add dry ingredients to butter mixture, alternating with milk. Begin and end with dry ingredients.
Stir in vanilla and almond extracts.
In a clean bowl, beat egg whites until stiff peaks form, then gently fold into the batter.
Divide batter evenly between pans and bake for 20-25 minutes or until a toothpick comes out clean.
Cool cakes in pans for 10 minutes, then remove to wire racks to cool completely.
Frost each layer generously, stack, and cover entire cake with frosting.
Sprinkle with shredded coconut for a festive finish.