Step 1
Prepare all the ingredients.
Step 2
In a saucepan over medium heat, combine evaporated milk, brown sugar, butter, egg yolks, and vanilla. Cook and stir constantly until the mixture thickens and turns a light caramel color, about 10 minutes.
Step 3
Remove from heat and stir in the coconut and pecans. Let the frosting cool to room temperature before spreading it on the cake.
Step 4
Spread the frosting on the cake. Serve and enjoy!