Preheat the oven to 350°F (175°C). Grease and flour two 8-inch (or 9-inch) round cake pans, or line with parchment paper for easy removal.

Make the batter: In a large mixing bowl, combine the shredded carrots, pineapple, coconut, both sugars, oil, eggs, and vanilla. Mix until smooth and well combined.

In a separate bowl, whisk together the flour, baking powder, baking soda, cinnamon, and salt. Gradually stir the dry mixture into the wet ingredients, mixing until just incorporated. Be careful not to overmix.

Bake: Divide the batter evenly between the prepared pans. Bake for 25 to 28 minutes, or until a toothpick inserted in the center comes out clean. Let the cakes cool in the pans for 10 minutes before transferring to a wire rack to cool completely.

Prepare the frosting: Using a stand mixer or hand mixer, beat the cream cheese and butter together on high speed until light and fluffy, about 5 minutes. Add the vanilla and sifted powdered sugar, then continue mixing for another 2 minutes until the frosting is smooth and creamy.

Assemble the cake: Place one cooled cake layer on a serving plate. Spread a generous layer of frosting over the top. Add the second cake layer, then frost the top and sides of the cake. Use a spatula to smooth it out or leave it rustic and swirled.

Optional finishing touch: Sprinkle the top with crushed walnuts or a light dusting of cinnamon for extra texture and flavor.