Preheat your oven to 350°F (175°C) and prepare a 9x13-inch baking pan.
In a large mixing bowl, combine the dry ingredients: gluten-free flour, sugar, baking powder, baking soda, salt, and shredded coconut.
In a separate bowl, whisk together the wet ingredients: coconut milk, vegetable oil, eggs, vanilla extract, and almond extract until smooth.
Pour the wet ingredients into the dry ingredients and mix gently until just combined.
Pour the batter into the prepared baking pan and bake for 30-35 minutes, checking for doneness with a toothpick.
Allow the cake to cool for about 10 minutes in the pan before transferring it to a wire rack to cool completely.
Prepare the coconut frosting by mixing powdered sugar with coconut milk to desired consistency and drizzle over the cooled cake.