Making Italian Cream Cake is an enjoyable experience when you follow these simple steps:

1. Preheat your oven to 350°F (175°C). Grease and flour three 9-inch round cake pans.
2. Mix Dry Ingredients: In a medium bowl, sift together the flour, baking powder, baking soda, and salt. Set aside.
3. Combine Sugars and Oil: In a large mixing bowl, combine granulated sugar, brown sugar, and vegetable oil. Beat until well blended.
4. Add Eggs: Add the eggs one at a time, mixing well after each addition. Stir in the vanilla extract.
5. Incorporate Buttermilk: Gradually add the buttermilk to the sugar mixture, mixing until combined.
6. Combine Mixtures: Slowly add the dry ingredients to the wet ingredients, stirring until just combined. Do not overmix.
7. Add Coconut and Pecans: Gently fold in the shredded coconut and chopped pecans until evenly distributed.
8. Divide Batter: Evenly pour the batter into the prepared cake pans.
9. Bake: Place the pans in the preheated oven and bake for 30-35 minutes, or until a toothpick inserted in the center comes out clean.
10. Cool: Remove the cakes from the oven and let them cool in the pans for about 10 minutes. Then, transfer them to wire racks to cool completely.
11. Prepare Frosting: In a mixing bowl, beat the softened cream cheese and unsalted butter until smooth. Gradually add powdered sugar and continue to beat until creamy. Mix in the additional vanilla extract.
12. Assemble the Cake: Once the cake layers are completely cool, place one layer on a cake stand or plate. Spread a generous layer of frosting on top. Place the second cake layer on top and repeat the process. Finally, add the third layer and frost the top and sides of the cake.
13. Decorate: Optionally, sprinkle additional chopped pecans and shredded coconut on top for decoration.

By following these steps, you will create a stunning and delicious Italian Cream Cake that will wow your guests!