Heat butter in a medium sized, heavy saucepan over medium heat. When butter is melted, add brown sugar and salt, stir until dissolved. Turn heat to high, add rice and stir until all grains coated evenly. Add coconut milk and water. Stir. When boiling, immediately cover with tight fitting lid, turn heat to medium-low and simmer undisturbed for 20 minutes. Remove pot from heat but do not open lid. Really, no peeking! Let sit for 10 minutes.
While the rice is cooking, toast coconut flakes on a dry skillet over medium high heat. Stir frequently to avoid burning, remove from pan as soon as coconut is golden brown, about 2 minutes. When the rice is completely done, remove the lid and fluff the rice with a fork. Stir the toasted coconut into the rice, saving some to scatter on top.
I love the combination of green peas and rice, but I did not want to detract from the whole coconut experience, so I created this little vegetable dish. Instead of bacon, I used schmaltz and griebenes and I think it worked. If you forego the coconut rice for regular long grain white rice, you might want to combine it with these peas.
(I apologize for any problems you might have reading this post. Occasionally the Blogger format takes an unscheduled trip around the Milky Way and lands on the wrong planet. This happens to be one of those days.)