Preheat oven to 350 F. Butter three 9-inch round cake pans. Line the bottom of the pans with parchment paper and then butter and flour the cake pans. NOTE: You can also make this into a 2-layer cake.
In a medium-size bowl, whisk together the flour, baking powder, baking soda, salt, cinnamon, nutmeg, and allspice; set aside.
In the bowl of your electric mixer, add eggs and beat on medium-high speed until light yellow or approximately 2 minutes. Slowly add the sugar to the eggs until well mixed and fully incorporated. Add the vanilla extract and beat an additional 1 minute.
Reduce the mixer speed to medium and slowly add the vegetable oil. Once all the oil is added, beat the mixture for another 1 minute.
Reduce the mixer speed to medium-low and blend in the flour mixture, mixing just until incorporated.
Using a rubber spatula, fold in the grated carrots, raisins, drained pineapple, and pecans or walnuts.
Divide the batter equally between the prepared cake pans. Bake approximately 40 to 50 minutes or until a long toothpick or wooden skewer, inserted in the center of the cake, comes out clean. Cake is done when the internal temperature registers approximately 205 to 209 degrees F. on your cooking thermometer.
Remove from oven and let cool on wire cooling rack for approximately 10 to 15 minutes. Remove cake from pans and place on the wire racks to finish cooling.
While cake is cooling, prepare the Cream Cheese Frosting.
To frost the cake, place one (1) cake layer (flat-side up) on a large cake plate. Using a knife or spatula, spread the top of the cake layer with some of the Cream Cheese Frosting. Place the second cake layer on top (flat-side up) on top of the first layer and spread frosting over the top. Place the third cake layer (rounded side up) on top of the 2nd cake layer and spread the remaining Cream Cheese Frosting on the top and sides of the cake. Using your hands, gently press the flaked coconut on the sides of the cake.
The cake can be covered with plastic wrap and refrigerated up to 4 days. Let it cool in the refrigerator about 1 hour before covering, to ensure ensure the frosting has hardened and will not stick to the plastic wrap.