Butter and flour three nine inch round baking pans, then set aside.
Cream the butter until creamy, add the sugars and cream further. Add eggs one at a time waiting for previous added egg to be fully incorporated into mixture. Scrape in between additions. Cream until light and fluffy. Add vanilla extract.
Sift together the flour, baking powder, baking soda and salt. Add one fourth of the flour and combine, and then add a third of the milk and combine. Repeat with flour and milk until all is incorporated. Stir in 1/2 cup pecans.
Divide the batter evenly into the prepared pans and place in the oven. Bake for approximately 30-35 minutes or until the center bounces back when gently pressed or an inserted toothpick comes out clean.
Let sit for 10 minutes before removing from pan. Let cool.
For the icing, melt the butter in a saucepan.
Remove from heat and add the sugars, stir to combine.
Next add egg yolks and evaporated milk. Stir until mixed well then place back over medium heat and allow to thicken stirring constantly until nice and creamy. Add vanilla and pecans and set aside to cool for 30 minutes before icing cake.