Preheat oven to 325°. Grease and flour 10 in. angel food cake pan.
In medium bowl, stir together flour, baking powder and salt.
In large bowl, beat butter and sugar with electric mixer until light and fluffy. Add eggs one at a time, beating well after each addition. Add coconut and vanilla extracts. Alternately add flour mixture and 3/4 cup milk in three additions, beating until just combined. Pour into prepared pan.
Bake 60-65 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 confectioners’ sugar with 3-4 tbsp milk. Drizzle 1/2 over top of cake, allowing glaze to drip down sides of cake. Sprinkle coconut and cashews over top and drizzle with remaining glaze.