Preheat oven to 325°. For cake, spray pan with nonstick baking spray; set aside
In large mixing bowl, cream butter and sugar until fluffy. Add eggs one at a time, beating well after each addition. Mix flour, baking powder and salt together; add to butter mixture alternating with milk, starting and ending with flour mixture.
Pour into prepared pan and bake for 55-65 minutes or until toothpick inserted in center comes out clean. Cool 15 minutes in pan and invert onto rack to cool completely.
For glaze, whisk powdered sugar with enough milk to make a thick glaze. Spread over top of cake, allowing to drip down sides. Combine coconut and cashews; sprinkle over top of cake.