Preheat oven to 400°. Beat first 6 ingredients at medium speed with an electric mixer until well blended. Add extracts, beating well. Add eggs, 1 at a time, beating until blended after each addition. Stir in flaked coconut. Pour batter into 4 greased and floured 9-inch round cake pans.
Bake at 400° for 20 minutes or until a wooden pick inserted in center comes out clean. Cool in pans on wire racks 10 minutes. Remove from pans to wire racks, and let cool 1 hour or until completely cool.
Meanwhile, reduce oven temperature to 350°. Arrange coconut shavings in a single layer in a shallow pan. Bake 8 to 10 minutes or until toasted, stirring occasionally.
Spread Coconut Filling between layers, leaving a 1-inch border. Beat whipping cream at high speed until foamy. Gradually add powdered sugar, beating until soft peaks form. Spread on top and sides of cake. Sprinkle toasted coconut on top and sides of cake, pressing gently to adhere.