Combine evaporated milk, sugar, egg yolks, butter and vanilla in a saucepan

Cook over medium heat, stirring constantly, until mixture thickens, about 12 minutes

Remove from heat

Stir in coconut and pecans

Stir until cool and of spreading consistency

Using 2 8 or 9 inch German Chocolate layer cakes, spread one third of the mixture of one layer, top with second layer and spread remaining icing on top of the stacked cake, allowing to drip down the sides.