Clocks and Compasses Have Missing or Corrupted Textures

^{Update by [Mojang] Mega_Spud (Jay Wells):}
Verification builds:
1.1.3.1 Retail

Summary:
Clocks and compasses have invalid textures when held.

Steps to Reproduce:

1. Hold a compass or a clock
2. World may need to be reloaded in order to trigger the bug

Observed Results:
The texture of the held item is bugged or missing, see screenshots.

Expected Results:
The held item should have a proper texture and appear in the bottom right of the display.

Screenshots/Videos attached: Yes

Notes:
Can affect clocks and compasses in Item Frames too.
Tested using Classic UI on OnePlus One A0001 on Android 6.0.1 and on Samsung TabPro SM-T520 on Android 4.4.2, both on the 1.1.3.1 beta.

The bug also affected Pocket UI.

Original Description:
The Compass Don't indicate my spawn point, and i cant see the compass in my hand