In a large bowl, combine flour and confectioners' sugar; cut in butter until the mixture resembles coarse crumbs. Pat into a greased 11x7-in. baking pan. Bake at 375° for 10 minutes or until edges are lightly browned. Cool.
In a large bowl, combine the sugar, flour, baking powder and salt. Add eggs and vanilla. Fold in nuts, coconut and cherries; spread over crust.
Bake at 375° for 17-22 minutes or until lightly browned. Cool before cutting.