Preheat the oven to 350°F. Line the bottoms of two 9-inch circular cake pans with parchment paper and coat the pans with cooking spray.

In a medium bowl, whisk together flour, cocoa powder, baking soda, and salt.

In the bowl of a stand mixer or a large bowl with a hand mixer, beat together the vegetable oil, granulated sugar, and brown sugar until well incorporated. Add in the eggs one at a time, followed by the vanilla extract.

Gently stir in the boiling water.

Divide the cake batter between the two prepared pans and bake at 350°F for 35-40 minutes or until a toothpick inserted in the center comes out clean.

Let the cakes cool in the pans for several minutes before inverting them onto a cooling rack to cool completely.

While the cakes cool, make the frosting. In a large saucepan, whisk together the sweetened condensed milk and egg yolks. Add the butter and heat the mixture over low heat, whisking constantly, until it thickens, about 5 minutes.

Remove the mixture from the heat and stir in the vanilla extract, shredded coconut, and chopped almonds. Let the frosting cool to room temperature before using it to frost the cake.