Preheat the oven to 350 degrees F. Grease 3 (8-inch) round cake pans.
In the bowl of an electric mixer fitted with a paddle attachment, cream the oil and sugar on medium-high speed. Add the egg yolks 1 at a time, scraping down the bowl once during mixing; cream well. Add the vanilla and mix well.
In a separate bowl, sift together the flour, baking powder, baking soda, and salt. With the mixer on low speed, alternately add the dry ingredients and the buttermilk to the batter in 3 parts, beginning and ending with dry ingredients. Mix until just combined.
Divide batter among cake pans and smooth the tops. Bake at 350 degrees for about 10 to 11 minutes. Let cakes cool completely before icing.
Beat egg whites until stiff. Bring the rest of the icing ingredients to a boil and add to egg whites. Beat until very stiff then frost each layer. Sprinkle each layer with Angel Flake coconut or fresh coconut. Frost the outside of the cake and cover with coconut.